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Soybeans: Brazil reduces selling pressure

January 29, 2020 at 3:22 PM , Der AUDITOR
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CHICAGO. US soybeans held their own despite falling soy and palm oil prices. The Malaysian palm oil market collapsed by 10% yesterday due to panic selling, but recovered slightly again. Brazil's soybean crop is 9% down on the very early start last year, which stabilized the market for forward contracts.

In the USA, US soybeans were able to catch up slightly by 7.50 cents to USD 8.97 per bushel in Chicago. This was followed by a noticeable rebound from the losses of the last few days. The reason for this is seen in the slightly delayed soybean harvest in Brazil, with the most recent progress of 4.3% being almost 9% down on last year. Brazil's soybean exports also lagged behind in January. According to official figures, exports to date have totalled 895,000 metric tonnes, about 45% less than in the same period last year. However, traders expect exports to pick up significantly as t

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