06.
02.24
08:41

High export shipments are causing soy to increase

The soy complex was able to start the new trading week with green signs. Beans, meal and oil increased accordingly. Buying impulses were primarily triggered by speculative investors who sensed new entry opportunities after the recent two-year low. Last week's US export shipments additionally supported the price development. In the week up to February 1st. A total of 1.426 million tons of soybeans were loaded for export. That is 56 percent more than the previous week. These quantities are only clouded by the even larger quantity in the comparable week of the previous year. However, looking at the season so far, soybean shipments are lagging behind by around 9 percent compared to the same period last year. Market participants are increasingly positioning themselves for the upcoming WASDE on Thursday. The majority of analysts estimate an average production decline of 4 million tonnes for Brazil, which would bring the harvest forecast down to 143 million tonnes. The Brazilian analysis house AgRural announced yesterday that around 16 percent of soybean stocks have currently been removed from the fields. The harvest is therefore progressing 7 percentage points faster than in the previous year. There are slightly green signs for soybeans before the trading session. Soybean meal, on the other hand, tends to be slightly weaker in the early morning.

Source
VR AGRICULTURE
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