Soy traders wait for WASDE

There were red signs in the soy complex yesterday. Soybeans fell by double digits and soybean meal also showed noticeable losses at 5.60 US dollars in the most traded July contract. Soybean oil fell more sharply. Overall, the vegetable oil markets showed their bearish side yesterday. In the run-up to the WASDE this Friday, traders are increasingly positioning themselves. The majority expect production to be significantly higher in 2024/25 and ending stocks are also expected to be higher. Traders will also be looking forward to the figures for South America. The USDA's previous estimates for Brazil are often considered too optimistic. The export sales published yesterday showed the highest weekly figure in the last four weeks at 430,000 tons. However, the figures published yesterday did not cause a countermovement. In the pre-market, the contracts made up some ground, but a clear trend cannot be seen in the pre-market price development.

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