01.
08.23
09:35

State of US soybean stocks has deteriorated

In Paris, rapeseed prices were somewhat inconsistent, with most of the contracts ending trading in the red. In Winnipeg, too, the bears continued to prevail, causing double-digit losses in Canola prices. Vegetable oil also lacked support yesterday. Palm oil futures, as well as soybean oil futures, followed the rest of the agricultural markets and continued to move south. The new trading week for soybeans on the CBoT started with another sharp price correction. With a loss of $62.50 US cents/bushel, the September bean ended up at the equivalent of EUR 457.78 per ton. In addition to the lack of guidelines from the grain markets, the improved weather forecasts are giving rise to hope among market participants that the condition of the soybean stocks will improve significantly and the prospects for yields could improve as a result. In Brazil, a soybean harvest of 171.5 million tons is expected for the coming year. This was announced yesterday by the experts from Safras and Mercado. The main reason for the significant increase is the significant increase in acreage. The USDA is not quite so optimistic and expects a harvest of 165 million tons.

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