Soy in bear hands

The downward trend on the soy market began again at the beginning of the week. January beans once again lost double digits and soybean meal was also in the red. Once again, the better weather conditions in Brazil and Argentina are cited as the reason for the correction. The analysis house AgRural reduced its soybean forecast for Brazil by 4.4 million tons to 159.1 million tons yesterday, but also points out that the better weather conditions of the last few days have not yet been factored into the forecast. In Brazil there is also a very high development in export volumes. Soy exports in November totaled 5.3 million tons, twice as high as in November 2022. Weekly export shipments in the USA, on the other hand, showed a significant decline compared to the previous week at 1.108 million tons of soybeans. The previous week is 29.5 percent lower, and the comparable week of the previous year is even 46 percent lower. As a result of the bearish environment, soybean oil also fell further and continued its downward trend. The setbacks in soybean meal over the past few days are becoming more and more noticeable on the local cash markets.

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