Soy complex defies the news

Soybeans continued to recover on Friday. A three-year low was recently reached. May 2024 soybeans gained 10.50 US cents to 1,151.25 US cents/bu (390.38/t). Soybean meal prices rose by 3.10 euros to 332.30 US dollars/short ton (337.33 euros/t). Soybean prices are also starting to recover today, and the same applies to soybean meal and soybean oil. The main news on Friday did not necessarily indicate rising prices. Figures released Friday from the USDA Fats and Oils Report show that January processing was down from December. Nevertheless, more soybeans were processed into soybean meal in January 2024 than in January 2023. Unlike most other analysis houses, StoneX has increased its forecast for Brazil by 1.25 million tons to 151.5 million tons due to better weather data. The Grain Exchange in Buenos Aires left its forecast at 52.5 million tons on Friday and estimates that 72 percent of the fields are currently supplied with sufficient moisture. The grain exchange in Rosaria recently reduced its soybean forecast. Weekly positioning statistics show that institutional investors have increased their short positions in soybeans.

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