Rain delays US soybean harvest

Soybeans rose on Friday. The November contract rose to 1,296.25 US cents/bu (447.05 euros/t). Harvesting work has stalled recently. Rain showers in many important growing areas are currently delaying the progress of US soybean farmers. However, the price increase is being slowed by the continued strong competition from Brazil. Although the current sowing here is at risk due to heat, the Brazilians have recently been able to sell large quantities to China with cheaper offers. Of more than 9 million tons of soybean imports in August, only 120,000 tons of soybeans came from the USA, as the latest statistics from the Middle Kingdom show. The Argentine Ministry of Agriculture announced its forecast for soybean sowing on Friday, anticipating an area under cultivation of 29.5 million acres, roughly the same as last year. Soybean meal was unable to follow the positive guidance for beans and fell by 2.10 US dollars in the October contract to 388.20 US dollars/short ton, which corresponds to a converted rate of 400.81 euros/t. Soybean oil ended the last trading day of last week with positive trends and gained 1.22 US cents/pound.With a rate of 59.62 US dollars/pound, this corresponds to a converted price of 1259.16 euros/ton. Soybeans are trending weaker today pre-market.

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