11.
01.24
09:28

Conab significantly reduces expectations for soy harvest - but there are still red signs in the soy complex

The recovery in the soy complex did not last long. Yesterday the oilseed went south again in double digits to a closing price of 1,236.50 US cents/bu (414.09 euros/t) in the most traded March contract. January said goodbye to the stock market. Soybean meal also showed red signs and soybean oil also fell. In an updated harvest forecast yesterday, Brazil's agricultural authority Conab significantly reduced the production volume from the previous 160 million tons to 155.3 million tons and attributed this to the weather conditions at the start of sowing. The fact that soybeans were unable to increase despite the corrected forecast is also due to the fact that, despite the reduced forecast, a larger harvest is still expected and thus a new harvest record compared to the previous year. The private analysis house Safras & Mercado also reduced its forecast and estimates the harvest at 151.4 million tons. For the WASDE tomorrow, Friday, market participants are also expecting slight adjustments by the USDA for Brazil. Today the Agriculture Ministry will release weekly export sales. The analysts are not particularly optimistic and only expect a range between 250,000 and 400,000 tons.

Source
VR AGRICULTURE
Rückrufservice
Please describe your request so that we can prepare for the callback.
Yes, I have read the Privacy Policy note and I consent that the data provided by me, including the contact data, for the processing of the inquiry and in case of questions are electronically collected and stored. My data will only be used strictly for my request and will not be passed without my consent. This consent can be revoked any time with effect for the future.'
CAPTCHA
This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.

Register now

Jetzt registrieren und ZMP Live+ 14 Tage kostenlos testen!
  • Dauerhaft kostenfrei
  • Keine Zahlungsinformationen erforderlich