02.
02.24
09:01

Export sales are pulling soy south

Soybeans ended yesterday's trading session with a daily loss of 19.00 US cents/bu. After days of price increases, soybean meal also traded in the red yesterday and closed 6.60 US dollars lower at a closing price of 361.70 USD/short ton, which corresponds to a converted rate of 365.96 euros/t. On the local cash markets, soybean meal prices increased over the course of the week. At the wholesale level, 459 euros/t are currently quoted in Hamburg, which is 5 euros/t more than a week ago. The downward trend in the soy market was triggered by weak export figures. According to the export sales published yesterday, only 164,500 tons of soybeans were sold last week. That's 71 percent less than the previous week and the four-week average is also 2/3 below the average. Given the low numbers, a new export deal announced with Mexico for 206,834 tons could not turn the market around. At 204 million bushels, monthly oilseed processing figures were slightly below market participants' expectations. In addition, soybean oil inventories increased by a significant 8 percent compared to the previous year and thus also caused negative signs in the soybean complex. Premarket soybeans and soybean oil are showing red signs this morning, while soybean meal can recover slightly from yesterday's losses.

Source
VR AGRAR
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