Soy market looks at weather developments in South America

Soybeans started the new week weaker, but were able to make up a small part of Monday's losses yesterday, Tuesday. Pre-market prices on the CBoT are somewhat weaker again today. The weather prospects for South America continue to be the focus of market participants. In Argentina in particular, soybean plants are benefiting from the recent rainfall. In Brazil, on the other hand, so much rain has fallen locally that farmers have not only interrupted their sowing, but in some cases they fear that they will have to replant some areas because of excessive rainfall. Currently, around 40 percent of the targeted areas are likely to have been cultivated. The export shipments published on Monday were at the lower end of analyst expectations and created additional selling pressure. The harvest in the USA is as of October 29th. 85 percent completed, which is slightly slower than last year, but significantly faster than the average of the last five years. Soybean meal fell by a very significant US$15.90 per short ton on Monday, but was able to recover slightly from the losses yesterday and closed with a gain of US$4.50 at US$431.00/short ( 447.92 euros/t.) As with soybeans, there is a downward trend for soybean meal today before the market. On the local cash markets, demands for soybean meal remain unchanged at the wholesale level.

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