Mixed signs in the soy trade

There was no entirely consistent development on the soy market on Friday. The front month saw slight gains, the subsequent contracts mostly had red signs. Overall, many traders are withdrawing before the Christmas holidays and closing out their positions. The improved weather conditions in Brazil continue to have a negative impact. Many regions benefited from heavy rainfall over the weekend. However, some weather models are predicting a new heat wave soon. The beans in Brazil enter an important growth phase, particularly in January and February. Farmers in Argentina are also satisfied with the growing conditions. More than 90 percent of the areas already ordered are rated as being in good or very good condition. Sowing has taken place on almost 60 percent of the planned area of 17.3 million hectares. Soybean meal increased slightly in the front month and soybean oil also went off the market with green signs. For the eighth trading day in a row, the USDA announced a flash sale of 134,000 tons to China and one of 447,500 tons to an unknown buyer.

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