Profit-taking on soya - weaker again before the market

After the soy complex set off a real fireworks display on Monday, things went south again yesterday. Profit-taking after the strong rise caused a noticeable setback again on Tuesday. Falling crude oil prices provided additional selling points. WTI lost $2.67 per barrel yesterday to $68.65/barrel, the North Sea Brent fell by $2.76 to $73.27/barrel. However, the losses are still being kept in check by the poorer weather prospects in Brazil. The sowing is still not completed. The agricultural authority Conab estimates sowing progress at 90 percent of planned areas. Sowing has progressed more slowly than at any time since 2015/16. The USDA had already reduced the Brazilian harvest forecast by 2 million tons to 161 million tons in the WASDE on Friday. The consulting firm Safras and Mercado followed up yesterday and reduced the harvest forecast by a more significant 3.2 million tons to 158.2 million tons. Soybean meal and soybean oil also posted losses yesterday. Prices on the local cash markets remain stable.Although conventional soybean meal 44/7 was traded slightly cheaper on a weekly basis, non-GMO soybean meal with at least 45% crude protein has recently increased slightly again due to limited availability. Premarket, there are red signs across the entire soy complex this morning. Soybean meal in particular continues to lose significantly.

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