China imports less soy

Soya began its price rally yesterday. The May contract closed 24 US cents/bu higher. Soybean meal was also able to benefit from the rally in beans and showed corresponding price gains. The rally was less fundamentally based. Rather, traders used yesterday to stock up on short positions. The movement was also supported by an export report about the sale of 120,000 tons of soybeans to an unknown buyer. However, it is suspected that Chinese buyers placed the order here. China's import data published yesterday caused a setback. Accordingly, the country imported only about half as much US soy in January and February compared to the previous year, at 4.96 million tons. China, on the other hand, purchased significantly more soy from Brazil. However, Brazilian volumes in the first two months of 2024 were 211 percent higher than in the first two months of 2023. Compared to previous years, however, China imported less soy in January and February 2024 than in five years. In premarket trading this morning, prices in the soy complex are rising again.

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