US soy stocks are expected to be lower

Soybeans gained yesterday. While the most traded front month of November went north by 0.50 US cents, the subsequent contracts were able to gain to a greater extent. Soybean meal, on the other hand, fell across all delivery times yesterday, while soybean oil rose noticeably in the environment of favorable vegetable oil developments. Overall, beans and soybean oil were buoyed and pushed by the rally in crude oil. For tomorrow's quarterly report on ending stocks in the USA, the majority of market participants are expecting a reduction - also compared to the most recent WASDE. According to estimates, ending stocks could be 6 million bushels lower than previously assumed. In Brazil, the industry association Anec reports a decline in demand from China. September exports were therefore corrected again by 620,000 tonnes to 6.23 million tonnes. Nevertheless, soy exports are significantly higher than in the same month last year. Sowing continues in Brazil. According to the latest calculations by the analyst firm AgRural, 1.9 percent of the targeted areas have been ordered, slightly more than at the same time last year. Soybean oil is also rising today before the market.There is no clear trend visible in premarket trading for soybean meal and soybeans.

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