IGC reduces soybean production: Oilseeds up

Contrary to the movements on the grain markets, rapeseed and soybeans were able to increase on Friday and stop their downward trend. The International Grains Council has revised downwards its forecast for global soybean production. Compared to previous estimates, global production in the new season is expected to be 4 million tons lower at 390.0 million tons. At the same time, ending stocks were also reduced. Speculators are also using the recently reduced level to build up long positions and are also supporting the development. Overall, vegetable oils showed an upward trend on Friday. Rapeseed and canola were also able to benefit from the environment of rising vegetable oil prices. The most traded November date in Paris rose by EUR 7.50/t to EUR 637.50. With the start of the stock exchange today, the rapeseed prices are again showing slight but hardly significant losses.