Soy: flooding in Brazil, difficult growing conditions in the USA

In particular, the flooding in important cultivation areas in Brazil is driving soybean prices further north. Soybeans again made strong gains yesterday, rising by 33.75 US cents/bu in the July futures contract. The closing price here was 1,248.75 US cents/bu. Soybean meal climbed by a very significant 15.40 US dollars. The closing price in the July contract was 387.60 US dollars/short ton, which corresponds to a converted price of 394.90 euros/t. Soybean meal has also recently seen rising prices on the cash markets in Germany. In the USA itself, some growing regions, particularly in the Midwest, are experiencing difficult growing conditions due to drought. In addition, US soybean exports have continued to recover. According to the US, 348,654 tons of soybeans were shipped last week. In the previous week, the figure was only 276,000 tons. Nevertheless, the export counter is still well behind the previous year's figure. For the season as a whole, 39.12 million tons were exported. At this time last year, the figure was already 47.85 million tons. Pre-market trading this morning shows a sideways movement.

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