WASDE sends soy south

After the WASDE report was published, soy went downhill significantly. Soybeans, soybean oil and soybean meal lost in yesterday's trading session and this morning the contracts on the CBoT, with the exception of soybean oil, are also showing red signs. The USDA cut US production expectations in the September WASDE, but the adjustments were significantly smaller than analysts and traders had previously expected. However, the fact that the correction was much less severe is mainly due to an upward adjustment in acreage. The USDA saw no need to adjust harvest expectations in the other important producing countries. Overall, expectations for the global soybean harvest are still well above the 2022/23 harvest. According to figures from the US Department of Agriculture, 370.11 million tons were harvested globally in the last marketing year; this season it is expected to be 401.33 million tons. Consumption, import demand and ending stocks were revised slightly downwards in yesterday's report.

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