17.
01.24
08:45

High processing figures support soy - weaker again before the market

After the holiday on Monday, soybeans started the shortened trading week on the CBoT yesterday with green signs. The March contract gained 3.00 US cents to 1,227.25 US cents/bu. Soybean meal rose in price in March by $9 to $371.10/short ton, which corresponds to a converted price of €375.37/t. At the beginning of the week, soybean meal prices were also somewhat firmer at the wholesale level in Germany. Yesterday, both beans and meal benefited primarily from surprisingly high processing volumes in the USA. As the industry association NOPA announced, its member companies processed around 195 million bushels of soy in December, significantly exceeding analysts' expectations. The processing volume from December 2022 will also be exceeded by around 10 percent. However, the current development of the US dollar is having a negative impact. This has recently increased in value again and is thus limiting the competitiveness of US exporters. Last week's weekly export shipments showed loading volumes of 1.26 million tons, around 220,000 tons more than in the previous week. Overall, however, shipments lag behind the previous year by a significant 6.8 million tons.The prices are also kept in check by the weaker price development for crude oil. Pre-market price trends in the soy complex were weaker again this morning.

Source
VR AGRICULTURE
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