Export competition weighs on soy market

The soy market showed no consistent direction yesterday. Beans and oil fell, but soy meal closed slightly firmer. The current harvest pressure from Brazil is also putting pressure on the US markets. This is reflected in the export figures, among other things. Only 194,200 tons of soybeans from the current season's harvest were sold last week. That is around 54 percent less than the average of the last four weeks, and the actual shipments are also well below expectations and below the average of the last few weeks. The USDA report of export sales of 152,400 tons to Mexico provided some stabilization. In pre-market trading this morning, soybeans and soy meal are showing red signs, while soy oil is moving sideways.

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