US export sales supported soybean market

Soybeans on the CBoT were mostly firmer. Friendly export sales released by the USDA yesterday provided a tailwind. 406,600 tons of soybeans were sold last week, which is significantly more than the average for the last four weeks. In the marketing year to date, the export sales counter is 1.1 million tons. China bought a little more than 1 million tons. In addition, positioning in the run-up to today's WASDE had a supportive effect. As already reported, market observers expect the US production forecast to be cut. On the other hand, the Brazilian agricultural market Conab has increased its forecast for the local soybean harvest to 154.6 million tons. Brazil will have another record harvest this year, while Argentina's harvest is only 20 million tons due to the drought. The grain exchange in Rosario (Argentina) yesterday issued a first preliminary estimate for the next harvest in spring 2024 and expects soybean production of 48 million tons. Soybeans are trending slightly higher premarket today. Soybean meal rose slightly yesterday and is also showing green signs this morning, especially in the trading dates from October 2023.

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