More soy processed in the US

Soybean prices on the CBoT edged up slightly after Tuesday's trading pause. The meanwhile most traded August date rose by 1 US cent to 1,468.75 US cents/bu (497.03 euros/t). Soybean meal fell across all tradable contract maturities. The August contract here closed down $1.60 at $410.10/short ton (EUR 415.46/t). Despite heavy rainfall, the USDA downgraded the condition rating of the soybean acreage by one percentage point to 50 percent "good or excellent." In the previous year, at the beginning of July, slightly more than two thirds of the stocks were classified in this status category. USDA processing numbers released yesterday provided support. According to this, 189.28 million bushels of soya were processed in June, around 4.6 percent more than in May. In addition, this volume was the highest ever recorded in a June month. However, major price competition from Brazil and ongoing rainfall are keeping gains contained. Pre-market, soybean meal and soybeans are showing slight green signs today. After significant gains yesterday, soybean oil is back somewhat premarket today.

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