18.
04.24
10:17
Soybeans break through reverse gear

Anec raises soybean export forecast for Brazil

After the sell-off of the past few days, the soy complex was able to gain yesterday. Soybeans gained 4.50 US cents in the front month of May at a closing price of 1,149.50 US cents/bu (395.85 euros/t). Soybean meal gained $3.40/short ton at a closing price of 338.70 US dollars, which corresponds to a converted price of 349.18 euros/t. On the cash markets in Germany, however, soybean meal prices continue to trend southwards. Market participants are primarily blaming a correction for the rising prices yesterday. Export figures from Argentina and Brazil, on the other hand, are weighing on the US market. The recent strengthening of the US dollar is also further limiting the competitiveness of the Americans. The Brazilian trade association Anec increased its export estimate for April by a significant 1 million tons to 13.7 million tons. In the US growing regions, soybean sowing is likely to come to a standstill due to heavy rainfall. However, as it was too dry in some places, soybean sowing should benefit from the rainfall overall.

Soybeans break through reverse gear
Source
VR AGRAR
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