22.
03.24
09:10

Demand for US soybeans improves again

Soybeans and soybean meal gained yesterday. In contrast, soybean oil closed yesterday's trading session on the CBoT with red signs. The beans ended the trading day with a gain of 2.50 US cents at 1,212.00 US cents/bu, which corresponds to a converted rate of 409.99 euros/t. At the beginning of the trading sessions, the increases were significantly higher because heavy rains are threatening flooding in Argentina, which is also likely to have an impact on soybean stocks. The same applies to the north of Brazil. However, profit-taking increased, particularly in the afternoon. Support also came from USDA export data. Accordingly, 494,000 tons of beans were sold. The main buyer is China with 304,400 tons. The previous week's volume was exceeded by 31 percent and the average of the last four weeks was also exceeded by a very clear 86 percent. In a special report, the USDA confirmed its expectation that China will need to import around 103 million tons of soybeans in the upcoming 2024/25 season. There are signs of significant losses before the market today. The mark of 12 dollars per bushel is already undercut. Soybean meal is also giving up the profits from the pre-market presentation today. On the local cash markets, demands for soybean meal are mostly slightly firmer at the wholesale level compared to the previous week.

Source
VR AGRICULTURE
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