Rosario grain exchange increases Argentine soy expectations

Soybeans lost double digits yesterday. The leading March contract fell by 15.75 US cents/s. With a closing price of 1,170.50 US cents/bu, the March bean is now trading at the equivalent of 400.90 euros/t. Soybean meal also showed red signs again and ended the trading day with a loss of 1.50 US dollars at 343.30 US dollars/short ton (352.00 euros/t). The main cause of the setback is high-yield rainfall in Argentina's main growing regions. Between 40 and 100 mm of rain falls, particularly in the important Pampas region. Due to the overall satisfactory weather conditions during the growing season, the grain exchange in Rosario, Argentina, increased its estimate to 52 million tons by 2 million tons of soybeans. The well-progressing harvest in Brazil is also having a negative impact. As reported, this Thursday the American Association of Oilseed Processors will publish its processing quantities for January. Although these are estimated to be higher than in January of the previous year, they are also likely to be below the high December level. There are red signs across the entire soy complex in today's pre-market trading. However, soybean meal still tends to be the most stable.

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