Export data drives soy north

Yesterday, soya went significantly north again. The January contract closed in double digits at 1,364.00 US cents/bu (467.39 euros/t). Soybean meal fell slightly yesterday in the January date to $430.40/short ton (441.52 euros/t). Solid export demand continued to support the market. In addition, the growing conditions in South America are again viewed as less favorable. In the week ending November 2nd, 2.08 million tons of soybeans were silted up, which is another 35,000 tons more than a week before. Although export shipments are behind the previous season's figures at this point in time, hopes of strong Chinese business in the near future are driving up prices. The USDA was able to fuel this hope with a flash sale of 126,000 tons of soybeans to China. There are reports from Brazil that soy planting is making slow progress. Furthermore, it is too dry in the largest growing province and far too wet in the northern growing areas. Market observers even assume that up to a quarter of the stocks in the wet parts of the country will have to be reordered.Soybeans, as well as soybean meal and soybean oil, cannot continue the rising trend today and are trading with slight losses premarket.

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