Weak US exports a burden

Harvest in Brazil on target

The soy complex headed south yesterday. Beans, meal and oil ended the first trading session of the new week with significant losses. Pre-market soybeans and soybean oil are again showing losses this morning, while soybean meal is trading somewhat firmer. The strong US dollar had a negative impact. The soybean processing figures from the industry association NOPA were also below market participants' expectations. In March, 196.4 million bushels were processed, which corresponds to an increase of 5.7% compared to March of the previous year, but the processing volumes are still below expectations. In Brazil, farmers are heading towards the final harvest. According to AG Rural, 84 percent of stocks have been harvested. Last week's US export inspections show that 432,000 tons of beans were exported. This is around 12 percent less than in the previous week and around 18 percent less than in the same week last year. The most important buyer, accounting for around half of the export volume, is China. This means that soybean exports for the season as a whole are still lagging well behind the previous year's volume.

Weak US exports a burden
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