02.
10.23
08:59

Soya Quarterly Report: Numbers fall significantly higher than expected

Overall, the soy complex fell significantly on Friday. The figures from the USDA quarterly report in particular caused a sell-off on the last trading day in September. The USDA states that the final soy stocks as of September 1st. At 7.3 million, it was significantly better than the analysts had previously expected. They had only expected 6.58 million tonnes. In addition to these figures, domestic soybean transport and shipments to Mexico are stalling due to low water on the Mississippi. New figures on harvest progress are expected today. Market participants expect that the soybean harvest has made very good progress. In many key growing areas, the weather has been friendly in recent weeks and there have been no reasons that could have caused harvest delays. These figures will not be published until after the market closes today. Soybean meal in the December term lost US$10.30 and closed at US$381.20/short ton, which corresponds to a converted rate of EUR396.00/t. Soybean meal prices were also under pressure on the local cash markets on Friday. Overall, spot market prices for conventional soybean meal have increased in the last few weeks.

Source
VR AGRICULTURE
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