Less rainfall expected in Brazil: soy prices are rising significantly

Soybeans rose significantly yesterday and were able to completely make up for their price setback from Friday at the start of the week. Although the production estimates from the WADE report continued to limit the price expectations for the oilseed, the traders were able to find new arguments with an export sale of 132,000 tons of soybeans to a buyer of unknown origin. At 980,000 tons, weekly export shipments were around 190,000 tons lower than in the previous week, but expectations from export sales weighed more heavily. In addition, the weather forecasts for Brazil have worsened at the start of the week. The expected rainfall over the next few days is likely to be lower than previously assumed. Below-average rainfall is expected, particularly in the center and north of the country. The soybean sowing itself has now almost been completed with a significant delay. According to AgRual, 91 percent of the targeted areas have now been cultivated. Yesterday, soybean meal rose by US$8.50 in the January date to US$413.20/short ton and is therefore quoted at the equivalent of EUR422.18/t. Prices for soybean meal have recently fallen on the local cash markets in Germany.

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