Soybeans: US export figures disappoint

The soy complex went out of trading on Friday in the red. Both soybeans and meal and oil closed with losses. Weekly export sales for the week ending February 15 were just 55,900 tonnes. There had not been such a weak weekly value since May 2023. The analysts had previously assumed at least 300,000 tons. Effective loadings were recently at 1.197 million tons, slightly lower than the average of the last four weeks. The ongoing soybean harvests in Brazil and the somewhat improved outlook due to heavy rainfall in Argentina are also weighing on market developments. Strong US export data for crude oil also caused a significant correction in WTI and Brent, which also weighed on soybeans. Soybeans are up slightly again in pre-market trading today. Soybean meal also tends to be firmer.

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