03.
01.24
09:45

Rain showers in Brazil cause soy to fall at the start of the year

The overall bearish mood on the agricultural markets also ensured that soybeans started the new year weaker. The negative targets for wheat and corn had a negative impact, but the weather forecasts for Brazil had a greater impact. The rain situation continues to improve and is giving rise to speculation that the latest harvest estimates, which were mostly adjusted downwards, might not be so low after all. The forecasts for Argentina could also be raised due to the rain situation there. In the largest growing province of Mato Grosso, up to 115 liters per square meter fell on the New Year's weekend alone, and heavy rain showers are also forecast for the next few days in the no less important but sometimes very dry north of the South American country. At 961,000 tonnes, export shipments last week were also significantly lower than in the previous week and also lower than in the same week last year, and also caused additional selling pressure.Soybean meal also closed weaker, while soybean oil was able to buck the development of competing vegetable oils and crude oil and started the new year with slightly green signs. Pre-market contract prices are trending weaker again this morning in electronic trading on the CBoT.

Source
VR AGRICULTURE
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