The impact of oil on US planting report

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The impact of oil on US planting report

US soybean planting intentions area of 894.82 million acres (834.33 million acres last year, the market expected 88.214 million acres); soybean March 1 inventory of 1.735 billion Po (1.531 billion over the same period last year, the market expected 1,684 million Po).

Soybean quarterly stocks and planting intentions were reported to be higher than expected, and the report was bullish on soybeans.

US soybean futures fell last night, has been successfully below 950 cents line, May soybeans closed at 944.75 down 18.25 or 1.85%, while the market is expected to 950 cents line is a strong support for US soybean futures, but Has fallen below the US plate soybean futures or will once again find the bottom, initially expected in 937 cents line support.

And then drag the global soybean product futures, making the Chinese soybean oil market prices or will be lower with the disk, short-term domestic soybean oil is expected to 07 main contract or below 6,000 yuan / ton, short-term domestic soybean oil is expected to 07 major contract or 5900 yuan / ton line. There are signs of stabilization.