Despite the fact that the USDA was able to announce the highest value in weekly export shipments in eight years yesterday, soybean prices on the CBoT slipped significantly into the red yesterday. The past week until 20.10. weekly export shipments of 2.88 million soybeans were recorded. Nevertheless, the market participants are concerned about the export business. The concern is that the strike corona policy in China could soon lead to a drop in orders and call-offs. The soybean harvest is also in full swing and could be over very soon. The warehouses are well stocked as domestic logistics are currently halted due to low water on the Mississippi. In Brazil, according to the analysis company AgRural, sowing in Brazil is 34 percent complete. At this point in the previous year, it was already 38 percent. Nevertheless, sowing has picked up speed. Rapeseed, on the other hand, was able to free itself from the specifications for soybeans yesterday and climbed by 14 euros per tonne to 644.75 euros/t in the front month of November. The most traded February contract rose by EUR 8.25 per ton. In Canada, the statistics agency expects ending canola stocks of 500,000 tonnes for this season, not revising its previous forecast.Crude oil prices eased slightly yesterday with few blips up and down.
Source
VR AGRAR
