Despite better weather conditions, declining yield forecasts for Brazil

The halt in the negative price trend in the soy complex on Tuesday was short-lived. Yesterday it went significantly south again. January beans lost 10.00 US cents to close at 1,295.50 US cents/bu (442.02 euros/t). Soybean meal in January fell by 9.30 US dollars and closed at 408.50 US dollars at a converted rate of 417.26 euros/t. The better weather prospects in Brazil and the significant drop in crude oil prices yesterday put the soy complex under pressure again. Even the USDA report about an export sale of 136,000 tons of soybeans to Chinese buyers could not move prices up. In Brazil, further production forecasts are being lowered. The consulting firm Itau BBA has now forecast a harvest of 158 million tons, which means that the harvest volume is likely to be above the previous year's result, but is still a long way from the original expectations of up to 165 million tons. The industry association ANEC continues to expect record export results for the current year. Compared to the previous year, around 22 million tons more soybeans are likely to have been shipped out of the country. For tomorrow's WASDE, market participants are also expecting a falling harvest forecast for Brazil.However, the Argentinean estimates could be increased. Soybeans are increasing this morning before the trading session, and meal and oil are also showing green signs today.

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