Soja: Analysts skeptical about WASDE

Soybeans fell by double digits on the final trading day of last week. Beans for March 2024 closed 14.75 US cents/bu lower at 1,188.50 US cents/bu, a converted price of 404.80 euros/ton. Soybean meal also fell for the second trading day in a row, closing $4.90 lower at $356.80/short ton. Converted, the March date on the CBoT is quoted at 383.81 euros/t. The recent weak international demand is becoming a burden. Most recently, on Thursday, the USDA published export sales for the past week amounting to a disappointing 164,500 tons. The first analyst estimates for WASDE on Thursday also indicate red signs for soy. So contrary to the estimates made in advance of the report, it is assumed that US ending stocks will increase. Despite skeptical views on production in Brazil, export demand is estimated to be lower due to the strong US dollar. Before the market, soybeans rose slightly on Monday, while soybean meal was trending weaker again.

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