Two major flash sales supported the soy market

Soybeans gained yesterday. The most traded January contract in Chicago rose by 3.75 cents to 1,365.75 cents/bu, which corresponds to a converted rate of 468.52 euros per ton. Yesterday, soybean meal was also firmer in the earlier dates; in the December date, a closing price of $449.80/short ton and thus an increase of $2.40 was recorded. Converted, the contract stands at 461.94 euros/t, but the forward curve for soybean meal shows lower price expectations from January 2024. Prices on the CBoT received a tailwind yesterday from friendly export figures. The USDA was able to announce two sales, one for 433,000 tons to a buyer from Chia and one for 476,000 tons to a buyer of unknown origin. Brazil's industry association Anec also assumes that export demand will continue to be good. Anec expects exports of 5.15 million tons for November, compared to just 1.92 million tons exported in the same month last year. Market participants are looking forward to today's WASDE with excitement. This will be published at 6 p.m. our time. US production is expected to see downward revisions due to lower acreage.From a global perspective, the majority of analysts are expecting a reduction in the forecasts for ending stocks compared to the October WASDE.

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