Turn-around in soybeans

After soya reached one of its lowest levels in the last two years, the contracts started to correct noticeably yesterday. This was supported by bargain buyers who took advantage of the very low price levels to build up new long positions. Meanwhile, the fundamental view has changed little. For Argentina, the weather forecast predicts a hot and dry period based on the current rainfall. However, this is likely to have only a minor impact due to the plants' current vegetation phase. As the harvest in Brazil is progressing well, the industry association Anec has raised its export forecasts for February. Compared to the January figures, significantly more beans are likely to find their way into export. Soybean meal and soybean oil also gained yesterday. On the local cash markets, soybean meal has recently been trending south overall. While soybean meal wholesale Hamburg was quoted at a peak of 499 euros/t for deliveries in February in mid-November, yesterday it was 444 euros/t. On Friday the price here was 438 euros/t.

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