The soybean market started the new week on a subdued note. Soybeans rose marginally yesterday, while soybean meal again headed south. The floods in Brazil, particularly in the important soybean-growing state of Rio Grande del Sul, are having a price-supporting effect. Water levels continue to rise in some areas. Both field stocks and domestic logistics are therefore severely affected. Analysts expect a production loss of 2.4 to around 2.8 million tons. In the United States, on the other hand, soybean sowing is continuing. This is progressing more slowly than in previous years and is currently at 35% of the targeted area. Export inspections provided support. According to the Ministry of Agriculture, 406,000 tons were inspected in the week to 9 May, which is the highest figure for three weeks and exceeds the same week last year by 100 percent. This morning, soybean meal and soybeans are showing red signs in pre-market trading. Soybean oil is showing a mixed trend.
Source
VR AGRAR
