01.
12.23
09:45

Better weather conditions in South America are pushing soy south

Yesterday, soybeans were unable to benefit from positive export figures and fell by a single-digit rate. Soybean meal also trended lighter, closing the January contract with a loss of $3 at $424/short ton (428.24 euros/t). The reason given for the setback was friendlier weather prospects for Brazil and Argentina. In Argentina, farmers are making good progress with soy sowing; according to estimates, 44 percent of the planned area of 17.3 million hectares is already in the ground. There are also signs of normalizing weather reports for Brazil, where it was recently too wet in the south and too dry in the north and the center, so that the backward soybean sowing should pick up speed next week. The USDA reported weekly export sales of 1.9 million tonnes yesterday, surprising analysts overall. The main buyers are buyers from China. In addition, the USDA was able to announce another flash sale yesterday for 134,000 tons of soybeans to a buyer from the Middle Kingdom. Despite these positive export figures, beans were unable to end the trading day on a positive note. Falling crude oil prices also weighed on sentiment.For Germany, the Agrarmarkt Informationsgesellschaft reports a decline in soya area in 2023. This has fallen from 51,500 hectares to 44,800 hectares. However, it is expected that the soybean harvest will have been around 1,600 tons higher than in 2022 despite the decline in acreage.

Source
VR AGRICULTURE
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