China's soy import offensive expected

Soybean oil gave way yesterday. Profit-taking after last week's sharp rise sent oil trending south yesterday. By contrast, soybeans and soybean meal continued to rise. Here, the weather forecast for the Midwest and large parts of the Corn Belt in particular characterize the price development. In addition, prices are being driven by fresh speculation about Chinese purchases. Yesterday the USDA was able to announce an export deal to a buyer of unknown origin for almost 160,000 tons. However, it is assumed that the buyers are from the Middle Kingdom. The increase was limited by relatively weak weekly export shipments, which were below both the previous week and the figure for the same week last year. On the cash markets in Germany, soybean meal prices have recently been firmer at the wholesale level.

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