Soy traders await WASDE data

Soybeans ended yesterday's trading session with slight losses. Soybean meal, on the other hand, increased again and soybean oil also showed green signs yesterday. Traders are increasingly positioning themselves for WASDE tomorrow, Friday. The weather conditions in Latin America are currently favorable. Market participants will focus most of their attention on the forecasts for Argentina and Brazil tomorrow. Brazil will be particularly exciting. Private analysis houses had recently made their forecasts around 150 million tonnes of harvest, while the USDA in February assumed a forecast of 156 million tonnes. Market participants expect only marginal adjustments to the US data on stocks and harvest volumes. Support for the soy market and the oilseed market as a whole comes from further rising palm oil prices in Malaysia. On the Kula Lumpur stock exchange, the May contract for palm oil marks a new seven-month high, thereby also supporting soybean oil. In electronic premarket trading this morning, soybeans, soybean meal and soybean oil are trending upwards.

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