Solid soy export figures

In the run-up to tomorrow's WASDE, soybean prices rose slightly again yesterday. Soybean meal also left yesterday's meeting with green signs. Overall, analysts expect a downward correction to the US production forecast for the WASDE on Thursday. Compared to the September WASDE, a harvest decline of up to 14 million bushels is expected. New export figures from the USDA showed that around 1 million tons of soybeans were loaded in the week ending October 5th, which was 53 percent more than the week before and also exceeded the same week last year by a respectable 6.1 percent. Just over 3.0 million tons of soybeans were loaded in the entire current season, 231,000 tons more than at the same time last year. In the inventory report, which was published a day later because of the holiday, the USDA states that 43 percent of the inventory has now been harvested, which is 20 percentage points more than a week ago and the harvest is progressing more quickly than in previous years. According to current import statistics, Europe imported around 2.98 million tons of beans in the current 2023/24 marketing year, compared to 3.11 million tons last year. At 4.08 million tons, soybean meal imports are just below the volume of the previous year.There is no clear trend in soybeans from pre-market trading this morning.

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