Soya continues in reverse gear

Soy was also traded yesterday with noticeable losses. The beans lost double digits at a closing price of 1,297.25 US cents/bu (432.89 euros/t). Soybean meal lost 4.50 US dollars in the January contract and therefore costs the equivalent of 395.00 euros/t. At the wholesale level, soybean meal prices also fell slightly shortly before Christmas. The USDA export figures certainly gave the price development a boost. Last week, US exporters were able to place 1.989 million tons on the world market, an increase of 84 percent compared to the previous week. However, since good export figures were already expected in advance, the very good figures could not drive prices in a different direction. Another market analyst in Brazil has lowered the harvest forecast below the 160 million ton mark. The private analysis house Celeres estimates the harvest at 156.6 million tons. On the last trading day before Christmas, there were slight attempts at correction in soybeans, soybean oil and soybean meal. The contracts are trending slightly firmer compared to the previous day's closing price.

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