Soybeans moving sideways

The soy trade showed no momentum at the start of the week. At the end of the trading day there was a small plus on the scoreboard in Chicago. The soybean harvest in the USA is slowly but surely progressing. According to USDA information, 12 percent of stocks have currently been brought in; last year it was 11 percent at this time. This means that last week's rain showers are unlikely to have had any significant impact on the overall progress of the harvest. Last week, 481,000 tonnes of beans were loaded for export, 50,000 tonnes more than the previous week. However, market participants had expected significantly higher shipping figures in advance, which is why the actually positive trend in exports only had a limited impact on prices. In Brazil, farmers are still busy sowing soybeans. However, no significant progress has been made recently. Many regions currently lack sufficient rainfall. Some growing areas have not received any rain recently. Yesterday, soybean meal rose despite the sideways movement in beans. The October contract closed up $3.80 at $392/short ton (407.10 euros/t). Soybean oil, on the other hand, left the first meeting of the new week with red signs.

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