Soya: corrections expected for South America

The soy contracts stopped their significant downward trend of the past trading days yesterday and only fell marginally or moved sideways yesterday. Soybean meal, on the other hand, rose significantly yesterday and made up for some of the setbacks of the last few days. The most traded January contract gained $9.50 to $417.80/short ton (424.24 euros/t). Ahead of the December WASDE, which will be released next Friday, analysts expect U.S. soy stocks to decline. In addition, downward revisions are expected for the harvest forecasts in Brazil. However, the earnings forecast for Argentina could be raised. Yesterday, the private analysis house StoneX issued a forecast for Brazil of 161.9 million tonnes, thereby reducing its own previous expectation by 3.1 million tonnes - AgRural had already significantly reduced its forecast on Monday. However, the weather situation has improved significantly overall. Soybean oil trended weaker again yesterday. As a result, rapeseed oil prices also fell and palm oil was also traded on the Malaysian stock exchange with further declines.WTI and Brent also showed noticeable losses yesterday, which also put pressure on selling vegetable oils.

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