18.
09.23
09:47

Profit-taking and inventory concerns in the soy market

Profit-taking in particular caused soybeans and soybean meal to fall significantly on Friday. Soybeans rose significantly on Wednesday and Thursday, allowing many speculative buyers to close their positions at the weekend with profits. But the downward trend was also fundamentally underpinned by the monthly report from US oilseed processors. They processed 161.45 million bushels of soy in August, around 2.5 percent less than in August of the previous year. Analysts' estimates in advance had expected higher processing volumes on average. However, market participants remain skeptical about the harvest quantity and quality of US soybean stocks. Observers often assume that the heat development of the last few weeks has caused greater damage than the USDA previously assumed. The harvest is already in the starting blocks in some regions, but in these regions it is being delayed by rainfall.

Source
VR AGRICULTURE
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