Increasing expectations for the upcoming soybean harvest in the USA

The soy complex was yesterday down on the USDA's estimate for the coming crop, falling across all three tradable products. Soybeans lost just as significantly as soybean oil and soybean meal. In a report on the 2024/25 harvest, the USDA estimated the soybean acreage in the USA to be higher and expects production of 122.4 million tonnes. The current harvest was most recently stated in the WASDE report as 113.35 million tons. If the forecast is correct, the harvests of the previous two years will also likely be significantly lower. Weak export sales also had a negative impact. Last week, another 5 percent fewer soybeans were booked for export than in the previous week. In its January report yesterday, the US Soy Processors Association announced a processing volume of 186.7 million bushels. That was around 4.1 million bushels less than the analysts had previously expected and thus also caused latent price pressure in the market. However, around 3.8 percent more beans were processed than in January 2023. This Friday, soybeans and soy meal are making a friendly start to pre-market trading and can make up for a large part of yesterday's losses.

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