Export figures are driving soy northwards

Figures from the export market sent soybeans trending north yesterday. This meant that the beans were able to escape the trend with other agricultural raw materials. The January contract gained 11.25 cents to 1,327 US cents/bu (446.35 euros/t). Soybean meal rose to 412.80 US dollars per short ton and was therefore quoted at 415.67 euros/t. According to USDA figures, 1.41 million tons of soybeans were shipped last week. That is 411,000 tons more than the previous week and also significantly exceeded analysts' estimates made in advance. Overall, however, soy exports for the current season are behind last year's volumes. The forecast for meteorological developments in Brazil continues to have a negative impact. Although it will be very hot in the coming days, heavy rainfall is forecast in many important growing regions over the weekend. Farmers remain satisfied with the growing conditions in Argentina. However, the new government's announcement that it would increase soy export taxes from the previous 31 percent to 33 percent had a supportive effect on the US market.Pre-market, contracts with maturities in 2024 are trending in the red, while later dates are somewhat friendlier. Soybean meal also shows slight setbacks.

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