After yesterday’s pressure on markets, prices have generally pushed higher today, recovering most of the lost ground. Crude oil again set the tone, recovering nearly all the lost ground yesterday, and pushing back above $95/Bbl.
Having started to back off and trend downward, soymeal has again pushed higher today. With South American soybean yields remaining a concern, a resumption in a bullish meal market will need to be watched.
Agroconsult has lowered their production outlook for Brazilian soybeans, down to 125.8Mt with 6-year low yields. This view broadly reflects CONAB’s anticipated production numbers, and again highlights the largely dismissed recent conservative USDA WASDE.
Sticking with USDA reports, and the USDA attache report for Brazil continued the conservative approach to production numbers, estimating a crop at 134.5Mt – Read the full report here.
US export data tomorrow will potentially make interesting reading, there have been plenty of reports for possible large export sales to China.
Privacy & Cookies Policy
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.