IGC reduces global soy forecast

Soybean prices rose on the CBoT yesterday due to shifting weather forecasts to hot temperatures in the western Corn Belt. Pre-market trends are also clearly rising for beans today. In addition, significantly positive export sales of over 1.4 million tons from the coming harvest supported the market. From this amount, China took around 940,000 tons. The analysts' expectations were clearly exceeded. The International Grains Council revised the global soybean crop down by 2 million tons in its estimate yesterday and now expects a global crop of 398 million tons, still well below the USDA's estimates, which despite the downward forecast in the last WASDE assume a global figure of 402.8 million tons. Soybean meal was unable to follow the positive soybean targets and ended the trade with losses. Weaker prices for conventional soybean meal have also recently been seen on the local cash markets.

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