US soybeans recorded gains of between 3 1/4 and 6 cents on Thursday, closing the Halloween session in the green. In contrast, soymeal futures suffered slight losses, while soybean oil futures posted moderate gains. The USDA reported private export sales of 150,000 metric tons of soybean meal to unknown destinations for the 2024/25 trading year this morning.
The weekly export sales report, also released this morning, recorded sales of 2.273 million metric tons of soybeans during the week of October 24. This was in the mid-range of trade estimates of 1.6 to 2.8 million tons. China was again the largest buyer with 715,000 tons, followed by unknown destinations with 446,900 tons and Mexico with 299,300 tons.
Soybean meal sales of 208,366 tons were at the lower end of estimates of 100,000 to 400,000 tons, but exceeded the previous week's figure. Bean oil bookings for the week of October 24 came in at 10,414 tons, also at the low end of estimates and well below the previous week's figure.
Analysts expect today's soybean processing report to show that 187.4 million bushels of soybeans were used in the month of September.
Canola futures in Winnipeg also posted gains just before the weekend, with January futures up Can-$10.20/ton to Can-$650.40/ton. These price increases were supported by positive developments in competing vegetable oils and the general recovery in oil prices. On Euronext in Paris, February rapeseed rose by €1.50/t to €522.25/t.
Crude oil prices continued their recovery on Thursday. Brent rose by US$ 0.71/barrel to US$ 73.26/barrel, while WTI increased by US$ 0.93/barrel to US$ 69.54/barrel. Reports of a possible attack by Iran on Israel provided buying impetus and fueled concerns about an escalation of tensions in the region.
ZMP Live Expert Opinion
In view of the stable demand from China and rising crude oil prices, many market participants expect that prices for soybeans and related products could continue to rise in the short term. Geopolitical uncertainties are also likely to increase volatility on the markets. In addition, positive developments in competing vegetable oils could also push up the prices of canola and rapeseed. However, next week's US presidential election could give soybean prices a new direction.
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