Drought threatens soy stocks

Soja also corrected yesterday. Both soybean oil and soybean meal beans closed with losses after Monday's trading break. Overall, however, there is a bullish market environment. Stocks affected by drought have increased compared to the previous week and it will remain unusually dry and hot in the next few days. The USDA lowered condition assessments yesterday. However, since the report was released after-hours, traders will only react to the new numbers today. US soy processing reached a new July record of 184.8 million bushes and weekly export shipments were solidly in line with market expectations. Soya appears to be firmer again before the trading session.

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