Flash sale drives soybean prices northwards - weaker before trading

After the holiday-related trading break on Monday, soybeans in Chicago gained again and rose by 6.75 cents/bu to 1,179.00 US cents/bu (400.71 euros/t) in the front month of March. Support comes from a somewhat weaker US dollar. In addition, the Department of Agriculture, based in Washington DC, reported a retail sale of 228,000 tons of soybeans to buyers from the Philippines. However, the weekly export shipments were disappointing and limited the generally positive mood for agricultural raw materials. Last week, 150,000 tons less were loaded than the previous week, but at 1.185 million tons the volumes were still at a high level. Recent rains interrupted the harvest in the region around Parana. The harvest has not yet begun in Rio Grande state. Rain showers fell here too, which should have benefited the plants. The consulting firm Safras and Mercado estimates Brazil's exports to be lower this year. Compared to the previous year, export volume is expected to be 7.7 percent lower. The reason for this is also the lower harvest expectations for the country in South America. Soybean meal also rose yesterday. Before the trading session, meal and beans cannot maintain yesterday's gains and give them back completely early in the morning.

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