Oilseeds News, 08.11.2024

Soybean futures found new momentum yesterday afternoon after a weaker start and were able to increase contracts by 16 to 22 ¾ cents over the course of the day. Soybean meal futures were also bullish and closed with solid gains. Thursday morning's export report showed soybean bookings of 2.04 million tons in the week of 31 October. This was at the high end of estimates of 1.2 to 2.2 million tons. Although this was a 3-week low, it was 88.7% higher than the same period last year. The largest buyer was China, which purchased 1.223 million tons, followed by unknown destinations at 152,100 tons. Sales of soybean meal totaled 398,608 tons in the week of October 31, which was at the upper end of estimates of 150,000 tons to 560,000 tons. Soybean oil sales reached 114,311 tons for the week, well above estimates of 0 to 60,000 tons and the largest week of sales since November 2012. The USDA's new baseline projection indicates that analysts expect soybean acres to total 85 million acres (vs. 87.1 million acres this year), down slightly. On the Intercontinental Exchange (ICE) in Winnipeg, canola prices rose significantly, with the January contract gaining Can-$12.20 to Can-$659.80/ton. This is the highest closing price since July. Market observers attribute the increase to the international rise in vegetable oil prices and uncertainties regarding the Canadian canola harvest, as government forecasts may be too optimistic. On Euronext in Paris, rapeseed contracts also followed the bullish lead, with the February contract rising by €9.75 to €532.75 per tonne.