27.
10.23
08:59

Argentina processes significantly fewer beans

As has been the case throughout the week, the signs for soybeans remained red yesterday. The now most traded January date closed with a loss of 14.25 US cents at 1,300.25 US cents/bu (452.30 euros/t). Soybean meal traded slightly higher yesterday. The increase in meal was mainly due to new figures for Argentine soy processing. This has decreased significantly compared to the previous year due to the small harvest. Market observers and analysts therefore assume that demand for US shot will benefit from this. After all, Argentina is the world's largest supplier of soybean meal most years. Soybeans came under pressure due to the improving weather outlook in South America, which has already been playing a role in trading for several days. The good harvest conditions in the USA so far are putting additional pressure on market developments. However, the fact that the losses were not greater yesterday prevented good and solid export news. In the week ending October 19th, 1.38 million tons of soybeans were sold on the world market, significantly exceeding the average of analyst estimates and noticeably exceeding the average of the last few weeks.In addition, the USDA was able to announce the sale of 111,000 tons of soy to a buyer from the Middle Kingdom in a flash sale. The soy market appears friendly before the trading session. Oil, meal and beans are increasing, and the latter can even make up for yesterday's losses.

Source
VR AGRICULTURE
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