Oil markets drag soy and canola down

In an environment of weak commodity and financial markets, rapeseed and soybean also fell significantly yesterday. The Ukrainian Ministry of Agriculture reports a rapeseed harvest of 3 million tons. In the previous year it was 3.8 million tons. This means that the rapeseed harvest there is not as low as was often feared in advance. The declines in corn and wheat are more noticeable. Harvest in the Canadian prairies has started and is accompanied by good weather conditions. Many market experts are anticipating a rapid pace of harvest. Soybeans and soybean meal have fallen significantly. The specifications from the crude oil market were primarily responsible for this. StoneX slightly raised its own forecast for the US soy crop. Even good export figures could not stop the sales pressure yesterday. USDA reported export of 396,000 tons to unknown destination. US oilseed processing figures were 9 percent higher than in July, slightly beating market expectations.