Soy: Less production, less consumption

The market participants in the soy complex were surprised by the figures from the WASDE report; the USDA did not meet expectations. Soybeans are heading south, so soybean oil and soybean meal are also in the red, albeit to a lesser extent. Both the global production forecast and that for the USA were reduced significantly, but traders had previously expected major adjustments. A global soybean harvest of 405.3 million tons is now expected, compared to 410.7 million tons in June. However, the USDA also made significant cuts in consumption and export potential. The global ending stocks are therefore falling less significantly compared to the previous month's forecast. The latest rain showers were rated positively by the experts, but since the very weather-sensitive phase of the beans is still to come, the upcoming forecasts remain exciting. Soybeans changed direction premarket this morning and are trending green again.

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