US soy: 51% in good condition

Soybeans, soybean meal and soybean oil rose sharply again yesterday after Friday's setback. In particular, market participants are speculating on bullish signals in the July WASDE published tomorrow evening. Since the acreage in the quarterly report has already been corrected downwards, the forecasts for the US harvest should also be adjusted downwards and the drought in many cultivation areas, which was recently alleviated by precipitation, is also reflected in the figures. According to the USDA, the most recent rainfall was not sufficient to sustainably reduce drought stress. 51 percent of the stocks are rated good or very good, which corresponds to an increase of only one percentage point compared to the previous week. A value of at least 52% was assumed in advance. Soybeans on the CBoT are up again very significantly before the market today. Soybean meal is also increasing noticeably again. Only the signs for soybean oil are red today. Soybean oil benefited primarily from announced cuts in palm oil production in Malaysia.

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