Soybeans continue to show red signs

The decline in soybeans and soybean meal continued on Friday. The bottom line for soybeans has been south every week of the last three weeks. The dominant theme in the soy complex remains the better weather in South America, from which the Brazilian drought areas in particular benefit greatly. Weak export sales from the USA also weighed on the market on Friday. At 201,600 tons of soy, analysts' expectations were clearly missed and the four-week average was 85% below. However, the effective loadings of 1 million tons are slightly higher than the average of the last few weeks. The trade association Anec (Brazil) estimates that the country will be able to export around 1.3 million tons of soy in January 2024. In January of the previous year, however, it was 940,000 tons. The current problem is that there are obviously capacity restrictions in both the availability of soybeans in Brazil and in loading activities. There is no clear trend visible this morning before the trading session. On the local cash markets, soybean meal prices at the wholesale level fell slightly last week.

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