Harvest in Brazil is progressing quickly

Soybeans went north yesterday. The March contract closed with an increase of 9.50 US cents/bu at 1,193.00 US cents/bu and therefore costs the equivalent of 406.97 euros/t. Soybean meal also showed green signs yesterday. The most traded March date closed 2.10 US dollars higher at 348.90 US dollars/short ton, the equivalent of 355.88 euros/t. At 1.326 million tons, US export shipments last week were slightly below the previous week's volume, but still created a friendly atmosphere. On average, analysts had expected lower volumes in advance. As reported, the harvest in Brazil continues to go well. The agricultural consultancy AGRual reports that 23 percent of the areas have currently been harvested, which is 6 percent more than in the previous year. Another analysis house has reduced its forecast for the soybean harvest by 9 million tons to 149.00 million tons. The USDA had still assumed 156 million tons in the WASDE on Thursday. The majority of private analysis houses such as the Brazilian agricultural authority Conab are now assuming a harvest volume of less than 150 million tons. However, before the trading session, meal and beans are trending red again this morning.

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