Traders expect declining US soybean production figures

In the run-up to today's WASDE, soybeans were again up significantly yesterday. In August, there was an increase of 16 cents/bu and a closing price of 1,471.560 US cents/bu (491.13 euros/t) on the trading list. Soybean meal rose in August by $10.40 to $416.20/short ton (EUR 415.86/t). The inventory ratings of the USDA from Monday afternoon also had an effect yesterday. The majority of market participants were surprised that only 51 percent of the stocks were rated good or very good. Due to the recent rainfall in the past week and at the weekend, most of them had expected more significant upgrades. For today's WASDE, the analysts are expecting a noticeable reduction in the US production forecast, US ending stocks are estimated to be significantly lower and global ending stocks are also expected to be reduced, according to market expectations. Pre-market today, beans, meal and oil are showing green signs. The crude oil market has also recently provided tailwind for the soybean complex.

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