Weather forecasts are driving soya north

The soy complex as a whole made strong gains on Friday. Soybeans in the front month saw double-digit growth and soybean meal also recorded a significant plus at 4.30 US dollars in the front month of September. With a closing price of USD 403.90/short ton, the scrap is currently quoted at the equivalent of EUR 407.58/). The main reason for the upward movement is the weather forecast. Hot and dry weather conditions have been reported for many growing areas this week. Since the soybean plants are currently in their most important vegetation phase, this is observed quite critically. Rainfall in particular has hardly been announced for the coming days. The agricultural association Pro Farmer starts its annual tour of the states today to assess the development of soybean stocks, so negative influences are likely to quickly become relevant to the market. The soy price is limited by the export figures. In the marketing year to date, the USA has exported around 44 percent fewer beans than in the same period last year. Pre-market soy prices are up again significantly today. Soybean meal and soybean oil are also showing bullish tendencies.

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