Export competition from South America moves into the focus of soy traders

The front month of May fell on Friday, but the highest-volume August futures and the following contracts ended the trading day in the green. The August contract ended the trading session in Paris with a gain of 1.50 euros at 459.50 euros/t. The specifications for soybeans weighed accordingly, but palm oil was able to provide some support. Last week's harvest forecast by the EU Commission also provided some tailwind. This year's harvest is expected to be slightly lower than last year. In Canada, prices for canola fell slightly.

As with other agricultural commodities, weather news dominated soybean trading. The majority of contracts in Chicago fell on Friday. Soybean meal was also in the red. Heavy rainfall in the main growing areas is having a negative impact. According to analysts, soybean sowing should be well advanced so that the plants can benefit from the rainfall and the harvest delay caused by this rainfall will not be a major factor. In Argentina, 30 percent of the areas are currently considered to be in good or very good condition, meaning that their value has not changed compared to the previous week. The harvest is expected to be around 25 percent complete. In Brazil, export prices are said to be favorable compared to the USA, differing by up to 30 percent from those in the USA.

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