Rebound in soy

Soybeans entered the long weekend in the USA with surcharges. Today is President's Day and the Chicago Stock Exchange will be closed. Soybean meal also climbed and closed the front month of March with an increase of 6.10 US dollars at 345.60 US dollars/short ton, which corresponds to a converted rate of 352.78 euros/t. However, the subsequent contracts are quoted at a lower price level. The fact that the soy complex was still able to increase after the significant losses of the previous days and despite higher cultivation expectations in the USA is primarily due to technical considerations. Many market participants consider the soy market to be oversold. The low price level also attracts bargain hunters, who support the prices. The weather situation in Latin America has continued to improve, but this only has a minimal impact on the Brazilian qualities. The harvest forecasts of many private analysis houses also indicate this. Unlike the USDA, they see a harvest of between just over 140 million tons and a maximum of 150 million tons. Soybean oil, however, was quoted in red on Friday and is therefore in line with the falling palm oil prices on the Kuala Lumpur stock exchange. Weak export data had kept palm oil under pressure for days.

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