Heat wave threatens soybean sowing in Brazil

Yesterday, soybeans were able to stop their downward trend of the last few days and only fell slightly yesterday. Yesterday, traders processed the USDA inventory report published on Monday evening. Around 5 percent of the stocks have already been harvested. 52 percent are classified as good or very good. Supportive news for the US soy market came from Brazil. Temperatures there are currently around 40 degrees Celsius and there have been no rain showers for a few days. Brazil's farmers are currently involved in soybean sowing, which poses serious threats to young sowing right from the start. Despite the slight losses in soybeans, soybean meal gained on the CBoT yesterday. The October date closed with an increase of USD 1.10 at USD 391.50/short ton and therefore costs the equivalent of EUR 403.15/t. On the local cash markets, soybean meal prices at the wholesale level have recently fallen further. In the marketing year to date, Europe has imported 2.55 million tons of soybeans, slightly more than in the previous year, when the statistics recorded 2.50 million tons at that time. Soybean meal imports are below the previous year's level. Instead of 3.44 million tonnes, 3.17 million were produced in the first weeks of the new marketing year.tons imported into the European Union.

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