StoneX reduces soy estimate for Brazil

Soybeans were unable to benefit from the movement in the crude oil market yesterday. Although developments there generally gave the market a tailwind, soybean oil rose accordingly. However, soybean meal and soybeans showed red signs yesterday. Last week's weak export figures continued to weigh on the market. The slight reduction in the estimate for the Brazilian harvest by the analysis house StoneX by 0.5 million tons to 150.8 million tons had no impact on trading. In Brazil, the harvest is currently in full swing, but as reported, has recently lost momentum. Yesterday, the USDA published new figures for soybean processing in February. As expected, at 194 million bushels, these were around 1 million bushels lower than in January 2024. However, the February 2023 figure was exceeded by around 17 million bushels. While soybean meal is trading slightly weaker in pre-market trading today, soybeans are showing slight increases.

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