Grain exchange optimistic for Argentina

Yesterday, Soja was able to break the downward trend of the last few days with slight gains. Soybean meal, on the other hand, was slightly weaker again and closed at 367.60 USD/short ton (369.99 euros/t) in the most traded March date. The reverse gear on the CBoT for soybean meal is becoming more and more noticeable on the cash markets in Germany. However, market participants assess the recovery in soybeans as more of a technical nature. Increased short covering in the run-up to the WASDE report and the two-year low reached on Monday ensured a “turnaround Tuesday”. Some traders also consider the price setbacks of the last few weeks to be exaggerated. When it comes to the impact of better weather conditions in Brazil, analysts are not unanimous. However, the majority expect that there will be no further adjustments. In addition to the USDA, many private analysis firms are also publishing estimates this week. On Thursday, the Brazilian agricultural authority Conab will present a new yield forecast. In Argentina, recent rainfall since December 2023 has also helped soybeans.The Buenos Aires Grains Exchange has not published a new earnings forecast, but the experts were optimistic. Before the market, soybeans, soybean meal and also soybean oil are trending in the red again today.

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