23.
10.23
11:29

Correct soybeans - rainfall in Brazil

Soybeans came out of Friday's session in the red. Profit-taking is primarily blamed for the setback. In the wake of tensions in the Gaza Strip and Israel, many traders hedged their profits. The conflict has no impact on supplies, but crude oil prices are also in focus and are volatile at a high level, which also affects oilseed prices. But fundamental news also brought an end to the recent rally in soybean prices. It has been very dry recently in the growing areas in Brazil, especially in the northern ones, but towards the end of the week and at the weekend there was heavy rainfall and this has significantly improved the yield prospects of the farmers there. Domestic logistics in Brazil have recently been restricted due to low water levels in many important rivers. The government is considering spending up to $20 million on further deepening measures. New import figures from China had a limiting effect on exchange rate losses. According to the company's own information, 6.88 million tons of soy were imported in September, which is 23 percent more than in September of the previous year and the largest September volume in the last three years.Recently there have been increasing orders from China in the USA, but there is still a good connection between China and Brazil. Soybean meal barely held on Friday and closed with marginal gains. Before the market, soybeans and soybean meal are under pressure today, but soybean oil can continue to develop well.

Source
VR AGRICULTURE
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