Oilseeds showed their bullish side again yesterday. Rapeseed in Paris increased by 15.50 euros/t to 641.75 euros in the front month, soybeans for September increased by 43.75 US cents to 1383.75 US cents/bu (508.56 euros/t). The trade is primarily impressed by the weather forecast for the Corn Belt. Hardly any precipitation and high temperatures allow prices to rise. At the same time, the development of the soybean plants is weaker than the long-term average. Soy exports in Brazil have recently been less dynamic. In the third week of July, the country exported about 1 million tons of soybean, in the second week of July it was 1.2 million tons. In Argentina, soybean producers are showing restraint and are storing their harvests. According to estimates, only 48% of the soybean harvest was sold here. Pre-market, the eCBoT is showing a red sign for dates from September 22 onwards.
Source
VR AgrarBeratung AG
