USDA confirms higher acreage in 2024

Yesterday, Easter Monday, soya showed red signs. Soybeans lost 5.75 US cents/bu in May to 1,185.75 US cents/bu, which corresponds to a converted price of 405.52 euros per ton. Soybean meal also fell at the start of the week and was quoted at a converted rate of 341.34 euros/t in the front month of May 24. The local cash markets have also recently shown slightly weaker trends, particularly for later deliveries. On Maundy Thursday, the USDA released its acreage estimates report. As expected, the area under soybean cultivation has increased significantly compared to the previous year and is expected to be 1.2 million hectares higher. Nevertheless, the previous estimate from December was revised slightly downwards. There will be an initial harvest forecast with the May WASDE. The export figures published yesterday were lower compared to the previous week and thus had a negative impact on trading. In Brazil, the consulting firm AgRual reports harvest progress of 74 percent. This means that the harvest has recently stalled and the lead over the previous year has turned into a deficit. A year ago at this point in time, 76 percent of the fields had already been harvested. There are marginal losses in soybeans in Chicago today pre-market.

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