08.
09.23
09:53

China is importing more soy again

The soy complex showed red signs yesterday. Both beans, oil and meal fell in yesterday's trading session and are also trending weaker in pre-market trading on the CBoT this morning. In particular, technical selling and profit-taking are cited as the reason for the price setback. Fundamentally, however, there are definitely some reasons for firmer soybean prices. Last week's US export bookings will be published today and are expected to be between 1.4 and 2.0 million tonnes, according to analysts. At the beginning of the week in particular, the USDA reported high individual sales again. Rain showers are expected again in the Corn Belt, but it will remain hot and dry in the Midwest. As of September 5th, 43 percent of soy stocks are affected by drought, compared to 40 percent the previous week. China's imports in August were 31 percent higher compared to August 2022. In the year as a whole, China has also imported significantly more soy than in the previous year.

Source
VR AGRICULTURE
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