Weather becomes the focus of the soy market

The soy market was unable to maintain the positive mood from the start of the week yesterday. Soybeans, soybean meal and soybean oil were trading at losses at the closing bell. At the start of yesterday's trading session, soybeans were still heading north. The USDA was able to announce a private sale of 124,000 tonnes. The origin of the buyer is unknown. However, prices turned during the course of the trading day due to the weather forecast for the USA. There is still a lack of sufficient rainfall in the western growing areas, but heavy rainfall is expected in the eastern areas of the Midwest in particular. Today and tomorrow, traders will be focusing on expectations for the WASDE on Thursday. In the run-up to the event, analysts are expecting an increase in US ending stocks. Slight corrections to the harvest forecast are expected for South America. In pre-market trading, soybeans are trending slightly firmer this morning, soybean oil is also gaining ground, while soybean meal is once again trading weaker.

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