Course fireworks in the soy complex

Soybeans rallied yesterday. The November date rose by a significant 37.50 US cents to 1,290 US cents/bu (449.71 euros/t). Soybean meal also increased, with the most traded December date closing US$15.80 higher at $390.64/short ton (410.05 euros/t). The trigger for this movement was the significant reductions in the US soybean harvest in yesterday's WASDE report. The USDA reduced its expectations for the current harvest by 1.1 million tons to 111.7 million tons. However, the USDA did not make any adjustments to the harvest forecasts in South America. Crop estimates remain unchanged for both Argentina and Brazil. Short coverings in the run-up to the WASDE report further strengthened the price development to the north yesterday. Soybean meal can also be traded at significant premiums this morning, while soybeans are largely unchanged at the moment.

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