U.S. soybean crop more pronounced

The soybean price rose slightly, as the USDA reduced its estimate of the U.S. soybean acreage by more than surveys had anticipated. At the same time, the increase in the yield estimate was merely marginal, with the result that the crop estimate was downwardly adjusted by 1.3 million to 105.8 million tons, noted Commerzbank. 

Clearly more weight was attributed to this than to the increase in global production, which is due above all to an increase in Brazilian production, which is now estimated to be 3 million tons higher than before at 100 million tons. 

In its estimate, likewise published on Friday, Brazilian forecasting agency Conab predicted an even higher figure. The ample international availability should significantly restrict any increase in the soybean price.