Traders expect US soy production to correct

With the exception of soybean oil, the soy complex showed positive trends yesterday. Soybeans in the most traded November contract closed the first trading day of the new week with a gain of 6.00 US cents/bu at 1,369 US cents/bu (467.75 euros/t). After the significant increase on Friday, soybean meal also became more expensive yesterday and closed the October contract at a closing price of 406.00 US dollars/short ton (415.29 euros/t). The price increase was primarily due to expectations of today's WASDE. Analysts and traders expect production volumes to adjust downwards. The lower condition ratings in yesterday's crop report speak for this. According to this, 52 percent of US stocks are currently in good or very good condition, which corresponds to a decrease of one percentage point compared to the previous week. Support also came from the export front. The USDA reported an export sale of 185,000 tons of soybeans to buyers from the Philippines. Weekly export shipments, however, were below the previous week's values. Pre-market gains in soybeans from yesterday are being erased this morning. Soybean meal, on the other hand, only loses slightly.

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