Friendly export numbers supported soybean prices

Although soybean oil was in the red yesterday, soybean meal and soybeans were still able to increase noticeably. The increased prices for soybean meal on the CBoT are also reflected in the local spot markets. The national average for GMO-free batches is currently 537 euros/t, three euros more than a week ago. Conventional crushed meal is traded at around 480 euros on a federal average, which is 16 euros/t higher than in the middle of the previous week. The weather in the Midwest is still responsible for the price increase. High temperatures and a lack of precipitation characterize the weather here. Soybean bookings were also significantly better than the analysts had expected. Last week, 1.587 million tons of US beans were sold for export, with China in particular ordering larger quantities. There were no surprises during the field tour of the Pro Farmer Association in Illinois and Iowa, the experts expect average to slightly above average yields per hectare.

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