Soy traders are waiting for fresh numbers

There were also positive trends for soybeans in Chicago on Tuesday. The front month of March increased by 3.25 cents to 1,199.50 US cents/bu. This corresponds to a converted price of 409.80 euros/t. Soybean meal, however, fell slightly and closed with a loss of 2.30 US dollars/short ton (366.97 euros/t). On the local cash markets, however, soybean meal prices increased. At the wholesale level, most quotation locations are quoting 5 euros/t more than on Friday of last week. Soy traders used yesterday to position themselves for tomorrow's WASDE. In addition to the USDA figures, new figures from the Brazilian agricultural authority are also expected. The Canadian analysis firm Cordonnier left its forecast for Brazil at 149 million tonnes month-on-month. For Argentina, Cordonnier still expects 52 million tons; only in Paraguay, in the company's opinion, could the harvest be slightly larger at 10.5 million tons. American beans are also receiving slight support from the weakening US dollar. With interest rate cuts by the FED becoming more likely in the first half of the year, the currency had recently fallen.

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