Friendly export numbers for US soybean

A uniform picture emerged in the soy complex yesterday. Soybean oil rose again, soybeans mostly lost slightly, while soybean meal posted losses across all dates. Released export bookings of 890,000 tons provided support, which was at the upper end of analysts' estimates. Around half of last week's bookings came from Mexico. For Argentina, the USDA's regional office in Buenos Aires has again adjusted the soybean harvest downwards compared to the last WASDE. Compared to the previous estimate, the forecast was reduced by 3.6 million tons to 21.3 million tons. In Brazil, on the other hand, the industry association Abiove has raised its forecast for the local harvest by 0.5 million tons to 156.5 million tons, based on a survey of its members on the current harvest. Soybean oil is also up again premarket today, while meal and soybeans are showing signs of red again.

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