Weather and export supported soy

Yesterday green signs were seen across the board in the soybean complex. Soybeans in the trading month of November increased by 18 US cents/bu to 1,405.75 US cents/bu, which corresponds to a converted rate of 477.34 euros per ton. Soybean meal in the October contract gained USD 2.20 and is valued at the equivalent of EUR 426.64/t. The gains in soybean oil were somewhat more manageable. As in the last few days, the price driver is the hot weather in the most important US growing regions. The USDA lowered condition ratings by one percentage point to 58 percent “good” or “very good” in its weekly crop report. Market analysts had expected a more significant decline in ratings. The fact that the beans increased so significantly is also due to positive news from the export industry. According to the USDA, a buyer of unknown origin has bought 296,000 tons of old crop in the US. Additional tailwind came from rising crude oil prices.

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