25.
10.23
09:36

Export hopes support soy

After two days of negative signs, soybeans gained again yesterday. The better weather conditions in Argentina and in the northern growing areas in Brazil tend to put a further strain on price developments, and the rapid US soybean harvest is also noticeably limiting price developments. Yesterday, however, a series of declarations of intent between major Chinese buyers and US traders provided a boost and positive expectations for the export business. However, these agreements have not yet been officially confirmed. Even if the soybean harvest is making good progress, it could be interrupted by an incoming storm that is expected at the weekend. The association for non-genetically modified soy expects a soy harvest of 3 million tons for the EU. The harvest is also underway here and is expected to be 90 percent complete in the EU-27 including Ukraine and Russia. Good harvest yields are seen primarily in the southern part of Russia and in Ukraine. Good yields are also reported in Italy; because of the weather conditions there, the beans come from the fields particularly well dried. In Ukraine alone there is a soybean harvest of 4.4 million.Tonnes and would therefore mean a new harvest record for the country. Farmers have significantly expanded the area under cultivation here in recent years. The local cash markets have recently shown stable to firmer soybean meal prices. Fob Hamburg, 44 soybean meal is currently quoted at 505 euros/t, which is 5 euros more than a week ago.

Source
VR AGRICULTURE
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