Soya: Waiting for WASDE

Soya showed no consistent direction yesterday, moving sideways at the closing bell in Chicago and exiting unchanged in the most traded March session. Soybean meal, on the other hand, again showed red signs. The weekly export sales that the USDA published yesterday were 280,000 tons, well below market participants' expectations. They had previously expected a range between 325,000 tonnes and 950,000 tonnes. For today's WASDE, traders are primarily focusing on the forecasts for South America. Analysts expect that there will be reductions for Brazil. At least 1 million tons are expected, although the forecast for Argentina could be raised. Up to 2 million tons are being discussed here. Pre-market, the beans on the CBoT are trending firmer this morning.

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