Soybeans remain under pressure. The July contract in Chicago slipped by 5.50 US cents to 1,179.00 US cents/bu. Soybean meal also fell, losing 4.40 US dollars to 355.10 US dollars/short ton in the most traded July contract. The rapid sowing of soybeans in the United States had a particularly negative impact. According to the USDA, 78% of the targeted areas have been sown, which means that sowing has increased by 10 percentage points in the last week despite rainfall. New processing figures from the USDA for the month of April also created a bearish mood. According to these figures, 177.7 million bushels of soybeans were processed, which corresponds to a decline of 12.7 percent compared to March of this year. The April figure for the previous year was also missed by 4.9 percent. Nevertheless, the processing figures were slightly higher than analysts had expected in advance. For Brazil, a private agricultural agency has issued a crop estimate on the extent of the flooding. Analysts at Emater estimate that 2.7 million tons of soybeans were destroyed in the particularly hard-hit province of Rio Grande do Sul. In pre-market trading this morning, contracts up to and including Nov. 25 are showing green signs.
Source
VR AGRAR
