Soy: Slow harvest progress in Argentina

The recovery in soybean prices continued yesterday. July beans closed with double-digit gains. Soybean meal rose slightly, but also increased in price. Soybean oil benefited from the generally friendly market environment and from price recoveries in competing vegetable oils. Yesterday's friendly sentiment for agricultural goods as a whole boosted the market. Further technical buying provided an additional boost. Weekly export shipments were rather mixed. Compared to the previous week, 435,250 tons of soybeans were loaded, around 100,000 tons less. At the same time, however, the previous year's weekly figure was exceeded. In terms of the season as a whole to date, however, exports are lagging behind the previous year's figure by a significant 9 million tons. The grain exchange in Buenos Aires, Argentina, announced yesterday that the soybean harvest in the country is only making moderate progress. Currently, 14 percent of stocks have been harvested, compared to an average of 26 percent over the last five years. Soybeans are up slightly in pre-market trading today. Soybean meal is also trending marginally firmer.

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