26.
07.23
10:51

US Soy: Nearly half of stocks in good shape

In Paris, only the front month bucked the bearish sentiment and ended the session with a slight profit. The back dates ended trading in red signs. The November date recorded a drop from EUR 8.50/ton to EUR 485.25/ton. In Canada, on the Winnipeg Exchange, canola contracts also saw a price correction. Many investors used the price increases of the past few days to secure their profits. In addition, falling vegetable oil prices weighed on sentiment. Last week they reached their highest prices in over four months and gradually began to retreat yesterday. On the CBoT, the beans had to end trading with moderate losses on Tuesday. The busiest month of September was down $2.75 US cents/bushel and thus costs the equivalent of EUR 503.53 per ton. Crude contracts were unimpressed by the development and continued to rise yesterday. The USDA announced that 54% of soy stocks were in good to excellent condition. About a third of the plants are currently forming the pod. Compared to the previous year, that's up to 4% more.With a view to the coming weeks, the weather will play an increasingly important role in yield formation for oilseeds. Depending on temperatures and rainfall, a week-long drought could negatively impact yields.

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