The soybean complex is driven by the upward momentum of the entire oilseed complex, driven by the rebound in oil and the surge in palm oil.
The news of the week was marked by the USDA quarterly report on US soybean stocks as of September 1, synonymous with the end of the 2023-2024 campaign. The latter came to 9.3 million tonnes (Mt), a logical increase compared to 7.2 Mt last year but below expectations of above 9.5 Mt. If the American balance sheets are forecast to be comfortable, the progress of the harvests will have to be monitored and the expected record yields will have to be confirmed. At the same time, US soybeans are still competitive and export sales remain dynamic, particularly to China.
Finally, eyes turn to South America. The lack of rain for several months and the low water reserves are causing increasing concern at a time when sowing is due to begin. To date, 2% of areas are sown nationally but the weather models remain dry and encourage funds to buy back short positions accumulated in recent months on the American market.
