As a result of somewhat better weather forecasts for the soy-growing regions, soybeans, soybean meal and soybean oil went south yesterday. The most traded November date closed the first trading day of the new week at 1,406.00 US cents/bu (502.99 euros). Some rainfall is reported for many soybean growing areas in the coming days. In addition, the published figures on soybean stock trends surprised the market. Because of the weather conditions, it was expected that the rating would drop. Instead, the USDA increased the condition rating by 1 percent in yesterday's crop report. 60 percent of the holdings are therefore rated good to very good. Export shipments in the USA are solid. Last week, 550,000 tons of beans were shipped overseas. This is an increase of 160,000 tons compared to the previous week. Overall, however, soy exports are lagging behind those of the previous year. In the slipstream of Ukrainian exports, declining vegetable oil prices and good harvest results, rapeseed slipped significantly into the red yesterday. The November date closed 38.50 euros lower at 651.25 euros/t.
Source
VR AgrarBeratung AG
