Speculation about damage to stocks is driving soy

The soy complex rose overall yesterday. Both meal, beans and soybean oil ended the trading day on Thursday with green signs. After the losses of the previous day, traders are increasingly expecting further inventory damage due to the heat development in many important growing regions in the USA. There is a lack of rainfall in almost all growing areas. Last week's US export sales of 706,900 tons were in line with analyst estimates and therefore did not provide any additional stimulus. However, some market observers do not consider yesterday's development to be particularly sustainable. Nevertheless, prices rose again in pre-market trading this Friday, although the increases were less significant than yesterday. As with canola, Statistics Canada expects soy production to be lower this year. As previously expected 6.7 million tonnes, the harvest is now expected to be 6.5 million tonnes. Overall, however, Canadian production plays a smaller role on the world market.

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