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Soybeans: Brazil's crop estimates higher than expected

January 22, 2020 2:41 PM, Der AUDITOR
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CHICAGO. The US soy market declined sharply again after a strong start in the morning. Forecasts for a high soybean crop in Brazil increased the pressure on soybean futures. As expected, China did not buy soybeans in the USA, but is waiting for cheap prices after the Chinese New Year festival, when Brazil's soybean harvest has picked up speed.

In the USA, soybeans were quoted at 917.75 cents per bushel in Chicago, which is 9 cents lower than yesterday. The South American soybean crops caused massive pressure. In Brazil, AgRural had raised its estimate to 123.9 million metric tonnes of soybeans, a good 900,000 metric tonnes above the USDA estimates. Brazil's soybeans were harvested on 1.8% of the cultivated area. In Argentina rain improved the cultivation conditions for soybeans. Last week, a good 93% of the area under cultivation was sown, and the rain could still compensate for the predicted decline in cultivation

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