Soybean production in the USA could increase in 2023

Yesterday, Soja was unable to maintain its positive start to the week. The contracts on the CBoT closed Tuesday with losses. Soybean meal also trended in the red and closed the most traded March date with a setback of $4.10 at $344.80/short ton (354.14 euros/t). Things have recently been looking up for soybean meal on the German cash markets. For conventional 44 soybean meal, prompt deliveries are currently priced at 464 euros/t, which is 15 euros/t more than at the beginning of February. GMO-free lots are more available and have even fallen slightly in price compared to the beginning of February. The soy complex continues to be burdened by the progressing harvest in Brazil. For the US soy processing report on Thursday, analysts expect a decline of 2.8 percent compared to December, but the expected processing volume of 189.93 million bushels would be 6.1 percent higher than in January 2023. On Thursday Initial estimates of upcoming soybean sowing are expected as part of the USDA-Ag Outlook Forum. Preliminary expectations point to an increase in acreage in the USA. A cultivated area of 86.7 million hectares is expected, which would be around 3.1 million hectares more than in 2023. Premarket soybeans and soybean meal continued their downward trend today.

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