US soybean harvest has begun

The beginning of the harvest and an overall weak market environment for vegetable oils sent soybeans downhill yesterday. With a loss of 23.50 US cents, the most traded November date closed at 1,316.75 US cents per bushel, which corresponds to a converted rate of 451.90 euros/t. Soybean meal fell by $3.20 and closed at $390.40/short ton (398.40 euros/t). As a result of the recent setbacks, prices for soybean meal were also weaker at the start of the week on the German cash markets. Slightly higher export loadings could not stop the downward trend. The announcement by the USDA that a private buyer from China had purchased 123,000 tons of soybeans from the new harvest did not change the course direction. Nevertheless, inventory concerns on the market remain. In the crop report published after the trading session, the proportion of good to very good soybean stocks was reduced by one percentage point compared to the previous week. The soybean harvest is starting slowly, but according to the USDA, 5 percent of the area is said to have already been harvested. The beginning of harvest pressure and the increasing focus on export competition from Brazil are also weighing on this morning.Soybeans and soybean meal are trending weaker premarket.

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