Soya: USDA puts red flag on Brazil

The soy complex closed in the red on Friday. Soybeans in the new front month of March closed 12.25 US cents/bu weaker at 1,224.25 US cents/bu (410.73 euros/t). Soybean meal went marginally south. The front month of March closed at 362.10 US dollars/short ton, which corresponds to a converted rate of 363.69 euros/t. Market participants were quite surprised by the figures from the WASDE report. Although the production estimate for Argentina was raised as expected, at 2 million tonnes it was significantly higher than traders had previously expected. Harvest quantities in the USA also increased. As expected, the red pencil was set for Brazil. Instead of 161 million tons as before, the USDA now expects a Brazilian harvest of 157 million tons. Brazil's agricultural authority Conab itself issued a harvest forecast of 155.3 million tons last week. At the global level, the adjustment was only marginal. The soy trade is on pause today. Because of Martin Luther King Day, the CBoT, like other US stock exchanges, will remain closed today.

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