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.