Rain expected in Brazil: soybeans are declining significantly

Soybeans went south very clearly yesterday. January beans lost 20.75 US cents/bu, erasing the previous day's gains. Closings before today's Thanksgiving holiday put a strain on trade, as did the improved rain forecast for Brazil. Although farmers are still clearly lagging behind in sowing in many important growing provinces, the announced rain front is likely to bring relief for fresh sowing despite the recent showers. The majority of analysts are expecting another record harvest in Brazil despite the current problems. The industry association Abiove confirmed its previous forecast of 164.7 million tonnes yesterday. On the other hand, Oil World analysts said that the harvest of 10 to 20 million tons could be small if the weather situation does not change soon. Soybean meal also lost yesterday. At the closing bell, the scoreboard showed a pullback of $4.90 in the January contract. The closing price was 437.60 US dollars/short ton, which corresponds to a converted rate of 441.09 euros/t. The local cash markets showed firmer price demands on a weekly basis.In the Weser-Ems region, a sales price of 59.10 euros/dt was recently quoted for 44/7 soybean meal; a week ago it was 1.55 euros per deciton less.

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