Harvest is the focus of the soy market

The rapid harvest progress, which was published by the USDA after hours on Tuesday, put pressure on price developments in the soy market yesterday. Beans, meal and oil gave way. 43 percent of the inventory had been brought in by the weekend, 6 percent more than the average of previous years. The announcement of a private sale of 121,000 tons to China and 2,113,000 tons to an unknown buyer did not stop the selling pressure on soybeans. At the end of the trading day, November 23 soybeans hit a 22-month low of 1,252.50 US cents/bu. However, due to the lower price level for soy, market participants are hoping for better export opportunities again. For today's WASDE, analysts expect adjustments related to the US harvest. However, there are also more people who expect a higher harvest. Pre-market, soybeans are rallying on the CBoT this morning.

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