Soy complex says goodbye to the weekend with mixed signs

The soy complex did not find a unified direction just before the weekend. If the beans had to cope with considerable losses, the whole meal contracts went into the black. The August contract posted a gain of $1.50 cent/bushel to $423.80. In the important growing areas, there was occasional rainfall over the weekend, but many market participants emphasized that it was questionable whether this would be sufficient to compensate for the water deficit of the past few weeks. Meanwhile, the Conab, the Brazilian agricultural authority, has reduced its forecast for the current harvest to 154.6 million tons (-1.5 million tons). The USDA is somewhat more optimistic about the harvest and expects 156 million tons.

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