Soybeans and soybean meal weaker

Soybeans and soybean meal fell in yesterday's trading session. Soybeans are also trending slightly weaker this morning in pre-market trading, while soybean meal is starting Thursday on a friendlier note. Due to today's WASDE, many traders are holding back or positioning themselves for today's publication. The USDA's announcement of an export deal for 254,000 tons of soybeans in the 2024/25 season was unable to provide effective support. A slightly lower harvest forecast for Brazil is expected for today's WASDE. For Argentina, many market participants expect an increase in the harvest estimate. US ending stocks could also be higher. In addition to the WASDE, last week's export bookings will also be published today by the Ministry of Agriculture. Analysts' expectations are rather pessimistic at 200,000-600,000 tons. The spot markets in Germany have recently shown a slightly rising trend for soybean meal. Deliveries in May from the Hamburg station are quoted today at 372 euros/t. However, overall prices are still lower than they were at the beginning of March.

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