At the end of the penultimate trading day of the week, the soy complex was again unable to find a consistent direction, continuing the volatile trend of the past few days. January futures rose by 0.25 US cents to 995.75 US cents/bushel. For soybeans, however, the red signs prevailed and caused moderate losses. A lack of impetus and weak cues from the other agricultural markets gave the bears the lead in yesterday's trading. Export demand also failed to provide support and was rather disappointing. According to the latest USDA report, bookings of oilseed totalled 1.174 million tons, which was at the lower end of market expectations. Soybean meal sales were not too positive, coming in at 176,300 metric tons. However, the USDA also announced a new sale of 334,000 tons of soybeans with an unknown destination yesterday. According to the US, the delivery is to take place in the current marketing year. In Brazil, CONAB experts expect yields to continue to rise and the next soybean harvest to improve by 70,000 tons. In contrast, the USDA's latest Wasde report left the forecast for Brazil unchanged at 169.0 million tons. Analysts from the industry association Abiove also expect soybean stocks to continue to develop positively and also raised their forecast to 168.7 million tons (up 1.0 million tons). Meanwhile, the canola price rally in Winnipeg was interrupted. The leading January bean recorded a loss of Can-$ 3.50 to Can-$ 618.60/t. After the significant price increases of the past few days, there was mainly profit-taking shortly before the weekend. On the Paris stock exchange, however, rapeseed was firmer again. Prices for the February futures contract rose by 3.50 euros/tonne to 538.00 euros per tonne.
ZMP Live Expert Opinion
The last few trading days have continued to show a volatile trend for oilseeds. However, a lack of impetus, weak US exports and the harvest outlook are also putting pressure on oilseeds. In the coming days, too, there is likely to be little change in the fundamental data until the turn of the year. Developments in soybean stocks in the southern hemisphere will be the key factor in determining prices. From a current perspective, growing conditions are very good and the weather also seems to be playing along. However, it remains to be seen whether this will remain the case.
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