AgRural significantly reduces harvest expectations for Brazil

There was no trading on the CBoT yesterday. The US stock exchanges were closed due to the holiday. On Friday, after the publication of the WASDE report, soy prices went significantly south. Soybean meal and soybean oil also showed red signs on Friday. With the start of today's premarket trading, the soy complex can partially recover and is trending green in all three futures. The consulting firm AgRural significantly reduced its forecast yesterday by 9 million tons to 150.1 million tons. The USDA was more optimistic in its WADE and estimated the harvest at 157 million tons. As AgRural also announced, the harvest has already begun in some parts of the country and is said to have already achieved a progress of 2.3 percent. This means that the harvest in Brazil starts earlier and faster than the average in recent years. China published fresh import figures yesterday. Accordingly, 9.82 million tons of soybeans were imported in December, around 6.2 percent less than in December 2022. However, for the year as a whole, the Middle Kingdom imported significantly more soy than in the previous year. The import count stands at 99.41 million tons, which corresponds to an increase of around 11.4 percent.At the wholesale level, soybean meal demands were slightly firmer at the beginning of the week. Prompt deliveries are currently quoted at 447 euros/t from the Hamburg station, while in Mainz it is 476.00 euros/t from the station.

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