US export sales disappoint

Soybeans showed red signs yesterday. The leading May contract in Chicago closed 4.50 cents lower at 1,140.75 US cents/bu, which corresponds to a converted rate of 387.85 euros/t soybeans. The main argument for the price decline yesterday can be found in the disappointing export sales. At 159,700 tonnes, the value was well above the very weak value of the previous week, but at the same time it was around a third lower than the average of the last four weeks. Analysts' estimates in advance were between 100,000 tonnes and 600,000 tonnes, which corresponds to the more pessimistic estimates. Bearish arguments also come from Argentina. Heavy rainfall is expected again in the important soy-growing areas in the coming days. The Rosario Grains Exchange recently revised its soybean forecast slightly downwards. In Brazil, the environmental agency has banned the application of the insecticide thiamenthoxam by plane and tractor. Growing associations point to significantly lower yields for soy and corn. Contrary to the trend for soybeans, soybean meal was traded somewhat more strongly yesterday. The May contract closed 1.70 US dollars higher at 329.20 US dollars per short ton, which corresponds to a converted rate of 335.08 euros/t. Today there are new processing numbers from the USDA's Fats and Oils Report. This morning, meal, beans and oil are trending again with some clearly green signs in pre-market trading on the CBoT.

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