Soy corrects significantly

Things went significantly south for soybeans over the weekend. The January soybean contract closed with a double-digit loss at 1,325 US cents/bu (447.31 euros/t). Soybean meal also fell significantly in price. In the January contract, the short ton fell by 11.30 US dollars to 412.70 US dollars, which corresponds to a converted price of 417.10 euros/t. There have also been downward price trends at the wholesale level on the local cash markets for several days. Soybean oil also posted significant losses in the context of falling crude oil prices and weak specifications for other vegetable oils. The main reason for the price setbacks are the latest weather forecasts for Brazil. Drought-stricken areas are expected to experience heavy rainfall this week. Various weather models also suggest that the change in the weather in South America could be sustainable and that the issue of drought is therefore off the table. However, an export sale of 132,000 tons of soybeans to China and a further sale of 198,000 tons to an unknown destination country had a supportive effect.But even strong processing figures for soy, which the USDA officially announced for October on Friday, were only able to slow down the downward trend to a limited extent.

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