Export sales supported soybean meal

Soybeans were able to leave trading yesterday with positive signs. The most traded front month November 2023 rose by 4.50 US cents to 1,315.50 US cents/bu. Soybean meal made particular gains yesterday. The December contract climbed a significant $9.20 to $423/short ton (439.67 euros/t) to the north. Good soybean meal sales figures in particular provided the boost here, but significantly more soybeans were also sold abroad last week than many market participants had previously expected. According to USDA figures, export sales total 1.37 million tons, which is another 30 percent higher than the previous week. The International Grain Council also provided tailwind with its new soy forecast. The London-based panel yesterday lowered its forecast for the global harvest by 2.5 million tonnes to 393 million tonnes.

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