Soybean harvest in Brazil is picking up speed again

The omens in the soy complex glowed red on Monday. Soybeans closed with a loss of 10.50 US cents at 1,187.75 US cents/bu (401.42 euros/t). Soybean meal went south by 5.50 US dollars to 331.90 US dollars/short ton (335.81 euros/t). Soybean meal prices in Germany are also falling. At the wholesale level, contracts have recently been trading at lower prices again, particularly for later deliveries. Weak export shipments in the USA caused a price drop. At 686,000 tonnes, the previous week's result was again around 100,000 tonnes lower and, even for the year as a whole, exported soy quantities are below the previous year's level. The current backlog is 8.29 million tonnes. The harvest in Brazil progressed somewhat more quickly last week. As the consulting firm AgRural announced, 63 percent of the stocks have now been brought in, 8 percent more than a week ago. In particular, the farmers in Brazil who planted the soybeans late are enjoying better yields because the recent rain showers came in time for their crops. There is still no clear direction in the soy market before the market.

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