Rally on the CBoT in the soy complex

Soya rose very significantly yesterday. Soybeans in January rose by 35 US cents to 1,382.50 US cents/bu and are therefore trading at around 474.66 euros/t. There was a very strong increase in soybean meal. The January date closed at $453.80/short ton, up $18.90. Converted, the meal costs 466.44 euros/t, compared to 448.38 euros/t the day before. The problematic soybean sowing in Brazil and parts of Argentina supported the market overall. The consultancy AgRual felt compelled to reduce its forecast for the coming harvest by 1.1 million tonnes to 163.5 million tonnes. But the news that a buyer from China purchased 204,000 tons of soy in the USA also provided tailwind. However, weekly export loadings fell significantly compared to the previous week; instead of 2.03 million tons, 1.66 million tons were loaded in the week ending November 9th. Traders also have great export fantasies for soybean meal. Due to a lack of volumes from Argentina, this season could reach 13.9 million, according to USDA-WADE. Soybean meal and soybeans are trending slightly weaker before the market, but the previous day's gains are largely retained.

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