Area forecast and export bookings in focus of the soy market

The signs for soybeans were red yesterday. Today prices are trending south again. Soybean meal is also falling, losing yesterday as well as in pre-market trading this Thursday. The consulting firm AG Rural reports that the soybean harvest in Brazil has stalled; the harvest progress is stated at 69 percent, which is slightly below the previous year's value. Safaras and Mercado reported harvest progress of 70 percent last week. Overall, however, there is currently a lot of soy available on the world market due to the current harvest. In the USA, market participants today are primarily looking at the acreage estimate. It is also expected that the soya area will be lower than was assumed in January. Nevertheless, analysts' estimates indicate that soybeans are being grown over a larger area compared to the previous year. Up to 3.5 percent more space is expected compared to the previous year. Export bookings will also be the focus of market participants today. In advance, market participants are expecting export bookings of between 300,000 and 700,000 tonnes and are therefore tending to be pessimistic, which is also putting pressure on price developments today.

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