Less acreage drives soybeans further up

The positive development in soybeans was evident again yesterday. The momentum of the price jumps has subsided, but the most traded August contract on the CBoT still shows a profit of 25.75 US cents/bu and a closing price of 1,467.87 US cents/bu (524.43 euros/t). . Soybean meal, on the other hand, gave up a small part of the significant gains from the previous day. For the August date, it went south by $2.20 to $411.70/short ton (EUR 413.81/t). At the beginning of the week, the cash markets in Germany saw significant price increases in wholesale prices for soybean meal compared to the previous week. The home on the CBoT continued mainly because of the US acreage estimates released on Friday. The US acreage is therefore significantly smaller than previously assumed and also than many market participants had expected in advance. The fact that the soybeans, which were valued much higher at the beginning of the trade, gave up part of the high gains at the closing bell was also due to the US export shipments. Although these were slightly higher than in the previous week, the export volumes of the same week last year were around 44 percent below.Condition ratings were surprisingly lowered, with 50 percent said to be in good or very good condition, down one percentage point from a week ago. Because of the very heavy rainfall, the analysts had expected an improvement in the condition assessments. Because of today's holiday, there are no specifications from the soy market today, the CBoT remains closed.

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