Profit taking in soybeans

After the rally, the leading soybean contracts are correcting slightly. Profit-taking and positioning for next Friday's WASDE characterized yesterday's trading session. Market participants are expecting a significant downward adjustment to the soybean forecast for Brazil. On average, a reduction of around 2.4 million tons is expected. In the USA, soybean sowing is now 25 percent complete, which is 4 percentage points faster than the average of the last five years. Soybean meal also fell after the price fireworks on Monday. The most traded July contract closed USD 4.40 firmer at a converted price of EUR 391.89 per tonne. On the local cash markets, wholesale soybean meal prices are firmer at the start of the week as a result of the rally on the CBoT. Pre-market soybeans, soybean meal and soybean oil are again showing red signs today.

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