Soy firmer pre-market

In the soy complex, the signs were red on Friday. Soybeans for the January date lost 7.75 US cents/bu, soybean meal fell by 2.10 dollars/short ton in the January contract and soybean oil continued its downward trend of the past few weeks. As in the other agricultural markets, the figures from the December WASDE are primarily responsible for the price setback. The USDA has reduced the global production forecast. However, the corrections, particularly for Brazil, were not as significant as had been expected in advance. US production is still seen at 112.39 million tons, and the export potential has not changed. The harvest in Argentina is also expected to remain unchanged at 48 million tonnes and there are no adjustments to the production forecast for Paraguay either. In contrast, the harvest in Brazil was adjusted downwards from 163 million tons to 161 million tons. The forecast for Brazil is therefore still above the level of the previous year. The initially significant losses in the soy market were reduced somewhat at the end of the trading session. The USDA announced an export deal with China for 136,000 tons in the current marketing year.Crude oil prices that had recovered somewhat could also provide some support. Soya is trending higher in the pre-market today. Soybean meal can also increase again in electronic trading.

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