17.
10.23
08:57

High soy processing causes prices to rise

The soy complex gained across the board yesterday. Soybeans rose by 6 cents to 1,86.25 US cents/bu, soybean meal in the December contract was quoted at 390.20 USD-/short ton by $0.20 (406.50 euros/t) and soybean oil rose by 1, 52 US cents/pound to 55.90 cents/pound (1,167.14 euros/t). The decisive factor was the published figures from the US industry association of oilseed processors (Nopa). In September, 165.5 million bushels were processed, 2.5 percent more than in August. September of the previous year was also exceeded by a significant 4.6 percent. The processing figures were therefore higher than even the optimistic analysts had previously expected. Friendly US export shipments also created a bullish mood. 2.1 million tons were loaded, the most important buyer with around 40 percent of the deliveries was China. The USDA also reported an export deal with a buyer from the Philippines for 183,000 tons. The profits were kept in check by the good harvest progress. According to figures from the USDA crop report, 62 percent of stocks have been harvested, 10 percentage points more than the average of the last five years at this point.However, the numbers will only be processed in trading today; pre-market soybeans are again trending positively today.

Source
VR AGRICULTURE
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