US soy exports reached 49.08 million tons

There was a double-digit decline in soybeans yesterday, falling to a two-year low of 1,245.50 US cents/bu. The beans last traded at this level in December 2021. Soybean meal also started the trading session weakly yesterday, but was able to limit its losses at the end of the trading day and closed with a settlement of 368.50 US dollars/short ton in the most traded March date, which corresponds to a converted rate of 370.12 euros/t corresponds. Declining soybean meal prices can already be observed on the local cash markets. The main reason for the selling pressure remains the better weather conditions in Brazil. Weather models also indicate friendly growing conditions for the USA in spring. This leads to many institutional investors increasing their short positions. Soy exports in the USA are friendly. In the week ending January 4, 2.14 million tonnes were inspected. A total of 49.08 million tons have been loaded so far this season, which is 3.69 million tons less than at the same time last season. The recently weakening crude oil prices are creating additional selling pressure.Premarket today, the January beans are trending with marginal losses, while the March contract is slightly green.

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