US dollar development weighs on soybeans

Soybean prices were under pressure on Tuesday. Soybeans fell 4.25 US cents/bu in the November contract, while soybean meal in the December contract closed US$2.60 per short/ton weaker. The US harvest is making good progress and is putting pressure on prices. According to the USDA estimates, 23 percent of the stocks have currently been harvested, compared to the average of 22 percent in recent years. The condition assessment of the plants is also slightly better in a weekly comparison. On the other hand, more positive export figures provided support. So in the week up to September 28th. 663,000 tons of beans were loaded for export, 155,000 tons more than a week earlier. Overall, however, traders are becoming more skeptical about export opportunities. The US dollar has gained significantly since the weekend, putting a strain on the competitiveness of US exporters. However, the trends are turning again today before the trading session. Soybeans and soybean meal tend to be firmer.

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