Brazil expects record exports in October

The soybeans on the CBoT were able to turn things around again in the middle of the week and ended Tuesday with up to double-digit gains. Soybean meal recovered even more significantly in yesterday's trading and rose sharply. Market participants say the main reason for the bears taking over the oilseed market is good domestic demand. With the processing record in September, inventories continue to decline. The recent good export figures also provided support. With a volume of over 2 million tonnes, the result exceeded most estimates. Profits are being held back by the continued good soybean harvest. Almost 2/3 of the stocks (62%) have already been removed from the fields. Similar to the corn harvest, the conditions for the work are very good, so that the harvest is much faster than last year (+10%). The weekly progress was 19%. Meanwhile, Brazil is again exporting soy in very large quantities, so Anec analysts are expecting a total volume of 6.6 million tons. This result would significantly exceed the record amount of 5.2 million tons from October 2018.Above all, increasing global demand is driving export business dynamic.

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