Yesterday, soybeans were able to leave the first trading session of the new week with slight green signs. Soybean meal also increased. Soybean oil showed only minimal price changes, but also closed with a slight premium at the bell in the most traded May date. Last week's U.S. export inspections stood at 1.02 million tons of soybeans. That is 40,000 tons less than in the previous week, but the same week last year was exceeded by 140,000 tons. It remains the case that US soy exports remain below the volume of the previous year. These are currently around 8.5 million tonnes behind the 2022/23 result at this point in time. According to estimates by the Patria Agronegocios consultancy, around 46 percent of the soybean areas in Brazil have been harvested. This means that the lead has recently narrowed compared to the previous year. At this time last year, harvest progress was 43 percent. The announcement of the sale of 126,000 tons of soybean meal to a buyer of unknown origin also provided support for CBoT prices. A large part of the booking already relates to the 2024/25 financial year. However, before the trading session, the soy complex did not maintain the positive development from Monday on Tuesday. Prices for soybeans and soybean meal are trending south. Soybean oil is also showing red signs this morning
Source
VR Agriculture
