Soy complex: Premarket green signs

Soybeans performed weaker yesterday, although losses were limited. However, soybean meal was able to increase significantly, rising to USD 447.40/short ton in the most traded December date and thus costing the equivalent of EUR 459.90/t. The rapid harvest on the one hand and good export figures on the other ensured trade was largely balanced yesterday. The USDA was able to announce a flash sale of 110,000 tons of soybeans to China. China also published figures for October yesterday. Accordingly, the Middle Kingdom imported 5.16 million tons of soy in October, around a quarter more than in October 2022. Recently, however, imports have fallen noticeably because Brazil's exporters are struggling with delivery problems. Weaker prices for crude oil and vegetable oils also caused pressure, especially for soybean oil, which was traded weaker yesterday. In electronic trading this morning, soybeans are already trending significantly higher and are making up for the losses of the previous day. Soybean meal can increase again before the market and soybean oil is also showing positive trends.

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