Export figures support soybean market

Soybeans rose significantly yesterday. The January date, which is now the most traded date, saw a double-digit increase. Even if the better growing conditions in Argentina and Brazil continue to weigh on trade overall, the very positive export bookings last week were able to support prices. According to the latest figures from the USA, 1.01 million tons of soybeans were booked in the week ending October 26th. In the previous week there were a few tonnages more, but traders are still satisfied with these figures, especially with China accounting for the largest share of sales with 976,800 tonnes. Market participants also see this as confirmation of the rumors about declarations of intent between Chinese buyers and dealers from the USA, which have still not been officially confirmed. In addition, there are said to be current discussions between US trade representatives in Beijing about expanding agricultural goods trade between the two countries. However, soybean meal fell yesterday, while soybean oil continued its upward trend. However, there are green signs everywhere in the soy complex today before the trading session. Both beans, meal and oil are recording gains in electronic trading.

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