Soja was unable to take advantage of the friendly start to the week. Yesterday, all of Monday's winnings were returned. The May date closed with a loss of 6.00 cents at 1,149.00 US cents/bu. Soybean meal also ended the trading session cheaper and closed with a loss of US$3.60 at US$329.90 per short ton, which corresponds to a converted price of EUR334.25/t. Pre-market trends in the soy complex are again showing downward price trends today. The prices are under pressure due to the better prospects for South America. StoneX recently increased its forecast for Brazil. The Buenos Aires Grains Exchange updated the Argentine forecast unchanged. This suggests a more stable situation. In addition, the harvest in Brazil is progressing well overall despite minor interruptions, so the available supply on the world market is large. Next Friday there will be new figures from the WASDE report. Here market participants will primarily look at the forecasts for Brazil and Argentina.
Source
VR Agriculture
