Soy export bookings above expectations

Soybean meal and soybeans rose again on Friday. November soybeans gained 3.50 US cents to 1,363 US cents/bu. Soybean meal in the October contract rose in price by US$6.30 to US$402.70/short ton (EUR413.91/t). The export bookings published last week in particular provided a tailwind. With 1.9 million tonnes booked, even the most optimistic estimates were exceeded. Overall, soy export obligations are still significantly below the volumes of the previous year. New estimates also came for Argentina. The grain exchange in Buenos Aires estimates the coming soybean harvest at 50 million tons. Due to the drought, the last harvest was only 21 million tons. There should also be new estimates for Argentina and Brazil in tomorrow's WASDE. On Tuesday, the USDA will release its September forecast for global consumption, production and ending stocks. Fundamental support for soy also came from crude oil trading. WTI and Brent rose again on Friday after a brief respite in the middle of the week.

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