Initial soy forecasts for Brazil are corrected

After an almost balanced Monday, soybeans went strongly north yesterday. Many factors supported the market. The USDA reported that a buyer of unknown origin ordered 123,000 tons of soybeans in the USA. US export shipments were lower than in the previous week, but still at a high level. The main destination of the recently loaded quantities is primarily China. Tailwind continues to come from Brazil. Several new forecasts hit the market on Monday and Tuesday. A private analysis house still estimates the harvest volume in Brazil at 158 million tons, but assumes that there will soon be a need for correction. The consulting firm Safras and Mercado, however, reduced its forecast for Brazil the day before yesterday and added 160 million tons, which is 2 million tons less than the previous forecast. The MB Agro consultancy is assuming a harvest of 155 million tonnes, which means the quantity has already been reduced by 10 million tonnes compared to its very first harvest forecast. Sowing continues to be well below the average of recent years. AgRual reported sowing progress of 74 percent on Monday, down 13 percentage points from last year.Further support came from crude oil markets, which also rose yesterday. However, soybean meal was unable to continue its rise from Monday yesterday and fell noticeably. Soybean oil, on the other hand, showed clear increasing trends.

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