06.
11.23
09:29

Price rally in soybeans and soybean meal

A multitude of arguments and speculations caused soybean prices on the CBoT to rise significantly at the end of the week. The January date on the CBoT gained 36.75 US cents and closed at 1,351.75 US cents/bu (462.76 euros/t). Soybean meal also rose sharply and rose by $13.10 to $432.20/short ton in the January contract, which corresponds to a converted rate of €442.95/t. The weaker US dollar is raising hopes for better export opportunities. In addition, the rumors of a Chinese purchasing offensive received new fuel as the USDA announced the sale of over 131,150 tons of soybeans in a flash sale. Sowing is in full swing in Brazil, but sowing work is not progressing in many regions due to heavy rainfall. On the other hand, in the largest growing state, Mato Grosso, it is too dry, which negatively affects the development of young plants right at the beginning of the growing season. Because of the latest developments in South America but also because of the advancing US harvest, market participants are eagerly awaiting the new figures from the USDA.Next Thursday, the ministry in Washington will publish new figures on production, consumption and final stocks worldwide.

Source
VR AGRICULTURE
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