Weather and condition assessments weigh on soy

Soybeans and soybean meal showed significant discounts yesterday. The September contract closed at 1,323.25 US cents/bu, 29.75 US cents lower than on Monday. Converted, the beans cost 445.78 euros/t. Soybean meal lost USD 11.50 in the September contract and closed at USD 464.00/short ton (EUR 407.24/t). The good weather forecast and the recently improved status assessments for soybeans in the USA weighed on trading. On Monday, the USDA had adjusted the ratings upwards by 5 percent. This also means that many analysts are again revising their forecasts for the US crop upwards. The large Brazilian harvest is also having a negative impact. As reported by the local industry association Anex, it expects around 7.8 million tons of soybeans to be exported in August. That would be an increase of 54 percent compared to August of the previous year. Premarket Soybeans, Meal and Oil start Wednesday with more friendly tendencies today.

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