Soybeans ended yesterday's session with significant losses. The March date closed 18.25 US cents/bu lower at 1,160.75 US cents/bu. The subsequent contracts also lost to a similar extent, although there was a rising forward curve until the harvest. Soybean meal in the May contract closed with a loss of $8.25 at $424.25/short ton (342.30 euros/t). Profit-taking on the one hand and another estimate on Brazil from Agroconsult on the other pulled prices down. The consulting firm supported the USDA's rather optimistic estimates and expects a harvest of 150 million tons. The industry association ANEC said that Brazilian exports in February were expected to be 7.3 million tons, 200,000 tons lower than in February of the previous year. The harvest is regionally interrupted by rain showers. However, the harvest has not yet begun in the important growing region of Rio Grande de Sol; stocks here have recently benefited from the recent and current rainfall. The announced flash sale on Tuesday, which, among other things, ensured a friendly development on that day, did not take effect yesterday. The USDA managed a sale of 228 the day before yesterday.000 tons of soybeans to buyers from the Philippines. With the start of pre-market trading this morning, there are once again slight attempts at recovery in meal and beans. Soybean oil, which has recently been under pressure due to falling vegetable oil prices, is also showing positive signs this morning.
Source
VR AGRICULTURE
