Soybeans defy falling crude oil prices

Despite falling crude oil prices and losses in soybean oil and other vegetable oils, soybeans were able to exit trading on the CBoT yesterday with green signs. Soybean meal was also firmer with a price increase of US$ 5.20 to US$ 377.20/short ton (EUR 393.21/t) in the December date. The share price development was supported in particular by solid export figures. In the week ending September 28th, 808,000 tons of soybeans were placed for export. That was around 20 percent more than the week before and the average analyst expectations were exceeded. Looking at the marketing year to date, there are also higher export bookings than in the same period last year. The US dollar has fallen slightly again due to weak labor market data and the current crisis surrounding the speaker's election in the House of Representatives, thereby benefiting exporters. The good harvest in the USA is having a limiting effect. However, a tropical storm approaching from the south could bring heavy rainfall in many growing areas in the next few days, meaning that the harvest could be paused. At the moment there are no clear trends for the soy complex as a whole on the CBoT.While soybeans are trending slightly weaker, soybean meal prices continue to rise this morning. As in previous days, soybean oil is trending weaker.

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