27.
03.24
10:12

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.

Source
VR AGRICULTURE
Rückrufservice
Please describe your request so that we can prepare for the callback.
Yes, I have read the Privacy Policy note and I consent that the data provided by me, including the contact data, for the processing of the inquiry and in case of questions are electronically collected and stored. My data will only be used strictly for my request and will not be passed without my consent. This consent can be revoked any time with effect for the future.'
CAPTCHA
This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.

Register now

Jetzt registrieren und ZMP Live+ 14 Tage kostenlos testen!
  • Dauerhaft kostenfrei
  • Keine Zahlungsinformationen erforderlich