China orders 517,000 tons of soybeans

The soy complex lost slightly yesterday. As of Tuesday, the beans had hit a three-week high, with profit-taking being blamed for the southbound move. On the export front, on the other hand, there was renewed support yesterday. The USDA announced a sale of 517,000 tons to a private buyer from China. The prospects for the US soybean harvest continue to be judged pessimistically, but the situation in Brazil is different. The Conab agricultural authority is expecting a record harvest of 150.36 million tons there. Rapeseed showed slight losses yesterday, but is still quoted at a significantly higher level than at the end of last week. Next Monday, CanStat will release the new Canola Crop Estimate. Even beforehand, market participants are skeptical about the meaningfulness of the figures. Traders expect an actual canola harvest of around 18.5 million tons.