Conab is clearly taking the red pencil for Brazil

Soybeans gained yesterday. The data from the WASDE report supports the market trend and encourages traders to buy. At global level, production expectations were only changed slightly to 398.21 million tons (-0.79 million tons) and the Brazilian production forecast was only reduced by 1 million tons to 156 million tons, but the production came from Brazil even more pessimistic news. The agricultural authority there also published fresh estimates yesterday and is now expecting a soybean harvest of 149.4 million tonnes, which is 5.9 million tonnes less than was expected in January. At the same time, this value is more than 6 million tons below the USDA estimate. Soybean price developments were held back by weak export sales in the week ending February 1st. 340,000 tons were sold; at least 400,000 tons had been expected in advance. Soybean meal was unable to benefit from the development of beans and fell in price. Before the market, soybean meal and soybeans are trending red again this morning, with only soybean oil gaining slightly.

VR Agriculture
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