Correct soybeans - friendly export development

Improved weather and growing conditions in many areas of the US continue to weigh on soybean price developments. Weaker soybean oil prices after the rally of the last two weeks are also pulling the beans south. According to the last US drought monitor from 4.7. 60 percent of the stocks are still affected by drought, in the previous week it was 63 percent, but further precipitation, especially in the Corn Belt, will continue to bring better growing conditions. US export sales of 187,800 tons of old crop and 592,800 tons were well above previous market expectations, but failed to stop the price decline. At the same time, the Brazilian Export Association also expects soybean shipments to be clearly positive in July. An export volume of 9.44 million tons is expected, which would be 2.25 million tons more beans than were loaded in July 2022. The current soybean harvest in Argentina is still seen at 21 million tons by the local grain exchange in Buenos Aires and is thus still less than half of the previous harvest. Premarket prices in the soy complex turn today. Both beans and meal and oil are clearly showing positive signs this morning.

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