Soybeans in Argentina benefit from rainfall

After the price gains of the previous days, soybeans went south yesterday. Market participants often use the price increases of the last few days to secure profits and to position themselves for today's WASDE. In addition, better weather prospects overall for Argentina weighed on price expectations. Around 20-90 mm of rain fell in the Buenos Aires region, and heavy rainfall is expected to continue in the coming days. Rainfall is also expected in Brazil. The harvest is already underway here and this could be interrupted. Market participants will be paying close attention to the USDA's production estimates for Argentina and Brazil today. The Brazilian oilseed processing association Abiove revised its own forecast downwards yesterday by 900,000 tonnes to 156 million. Soybean oil gained in yesterday's trading session. Soybean meal fell again and lost 7.60 US dollars in the front month of March 24. With the closing price of 434.25 US dollars/short ton, soybean meal is trading at the equivalent of 358.60 euros/t.

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