Soy recovery at the weekend

Soybeans rose significantly on Friday. The May futures closed at 1,150.50 US cents/bu, gaining 16.25 cents/bu. The price of soybean meal also increased, rising by 5.70 US dollars to 343.70 $/short ton in the leading May futures, which corresponds to a converted price of 354.80 euros/t. On the local spot markets, asking prices were largely unchanged on Friday. Prices were boosted by the escalating situation between Iran and Israel. Concerns about a geopolitical conflagration have increased. In addition, more bargain hunters took advantage of the recent sharp fall in prices to build up new positions. On Friday, the USDA announced a flash sale of a total of 121,500 tons of soybeans to an unknown buyer. Of this, 108,000 tons are already accounted for by the coming harvest. This morning, soybeans are already giving back some of their gains from Friday. The current harvest season in South America is a burden, as is the strong US dollar.

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