Soy market awaits acreage estimate

Yesterday, the color red dominated the soy complex. Soybeans lost double digits in the front month of May, and the signs for soy meal also pointed south. The most traded shot contract for May 2024 fell by 1.90 US dollars to 339.80 US dollars, which corresponds to a converted rate of 345.07 euros/t. The environment for agricultural raw materials was generally difficult yesterday, but the main decisive factor is the expectations for tomorrow's report from the US Department of Agriculture on the coming cultivated areas. According to the majority of market participants, the area under soybean cultivation is likely to be lower than previously expected, but the area under cultivation is still likely to grow compared to the previous year. The USDA will also release new quarterly inventory figures for March 1 tomorrow. Compared to last year, inventories are likely to be 0.15 billion bushels higher, according to analysts' estimates. The rapid harvest progress in Brazil and the beginning of the soybean harvest in Argentina continue to weigh on the market. Other negative factors include falling prices for crude oil and palm oil.

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