Inside: Grains & Raw Material
Soybean price is yo-yoing
Soybeans experienced a sharp price spurt last week. In the night market of Monday 20 November, part of the profit was already handed in.
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Choose the subscription that suits youThe drivers of the earlier spurt are the other commodities, which are moving upwards, and a weaker dollar. Soy meal in particular managed to generate a higher price due to concerns about drought in Argentina. Furthermore, the WASDE report still provided support.
Traders nervous
The beans were delivered again on Monday. This is partly due to good sales of Asian vegetable oil. Things that make traders nervous. Lower corn prices and favorable weather conditions in South America also dampen the mood. In Brazil, the sowing of soybeans is the same as last year: about 73% is ready, the 5-year average is 68%.
Export is lagging behind
What also doesn't help is that export sales of American soybeans are behind last season. To get the market above $1.000, an emergency such as a weather problem is necessary. However, according to the weather forecasts, this is not possible for the next 2 weeks. The dollar also strengthened its grip and that does not help American crop prices.
Until last Friday, soybeans were still in a price spurt.