Soybeans are picking up significantly

Soya rose very significantly yesterday. In the August trading month, contracts rose by 40.50 US cents/bu to $1,484.75 cents/bu. In the August contract, soybean meal rose by USD 11.40/short ton to USD 422.30 (EUR 413.91/t). Soybeans and soybean meal have also shown significant growth over the past trading week. Soybean oil also rose yesterday. In addition to the after-effects of the WASDE report, dry weather forecasts are driving trading again. Market participants are increasingly doubting whether the earnings forecasts given in the report are realistic and are thus supporting the price development. Although the weekly export bookings are not lavish, they are in line with expectations with 300,000 tons booked. An additional export deal with Mexico for 315,000 tons provided a tailwind in trade. However, red signs are showing in the soy complex pre-market today.

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