Rapid US soybean harvest

As on Friday, there were red signs for soybeans on the CBoT yesterday. Soybean meal and soybean oil also left the first meeting of the new week with red signs. The prices are being weighed down primarily by the better weather prospects in the growing areas in Argentina and Brazil, which have recently been plagued by drought. The weather forecast remains rainy and expectations for local yields are likely to grow. Favorable weather conditions also prevail in the USA, 76 percent of the stocks have now been harvested. The current value is 9 percentage points above the long-term average. Weekly export data was solid and higher than the previous week, but failed to stop the sell-off in soybeans and soybean meal. Negative specifications for crude oil and other vegetable oils and oilseeds further strengthened the trend. Before the market, soybean oil is showing losses again today, soybeans and soybean meal, on the other hand, can at least stop the downward trend this morning and are trending with slight green signs.

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