Chian export deal for 126,000 tons of US soybeans fails to prevent losses

The euphoria from the rumors of declarations of intent between US sellers and Chinese bulk buyers did not keep prices afloat yesterday. Soybeans fell by 6.00 cents in the January date and closed at 1,308.50 US cents/bu, which corresponds to a converted rate of 454.91 euros/t. Soybean meal also had to give way. The December contract showed a loss of 5 US dollars and a closing price of 429.20 US cents/short ton (446.70 euros/t). The reversal is mainly justified by the negative requirements from the grain sector. Corn and wheat also fell yesterday on both sides of the Atlantic. The news of an export deal with China for 126,000 tons of soybeans only limited the losses. For today's export bookings from last week, the analysts estimate the soybean quantities ordered between 750,000 tonnes and 1.5 million tonnes and thus a wide range. The industry association Anec from Brazil has adjusted its forecast for October exports slightly downwards and expects 6.1 million tons of soy exports. Despite the correction, this is still much more than in October 2022, when Brazil was able to export 3.6 million tons of soy. Sowing continues in Brazil.According to the consulting firm AgRual, 30 percent of the planned soybean areas have now been cultivated, and rainfall is supporting stocks. Pre-market, soybeans and soybean oil are showing slight gains today, while soybean meal is trending weaker again at the moment.

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