The soy complex was again unable to find a uniform direction over the course of the week. Beans and meal were again at odds in yesterday's trading. Soybeans continued their downward trend, with November beans falling 11.00 US cents/bushel to 980.00 US cents/bushel. In contrast, soybean meal ended trading in the green, with the December contract rising US$1.90/short ton to US$313.70/short ton. An important influencing factor was the US Department of Agriculture's report on the progress of harvest work, which showed progress of 67%, well above the level of the previous week (+20%) and the previous year (+16%). Traders hardly reacted to the positive export news, such as the sale of 175,000 tons of soybeans, and were rather subdued in yesterday's trading. In Kuala Lumpur, palm oil futures were bullish on Wednesday. Gains almost completely made up for the previous days' losses, supported by high international demand. In contrast, soybean oil continued to fall on the Chicago Board of Trade. Crude oil prices also fell slightly again on Wednesday. The losses were curbed by the latest publication from the American Petroleum Institute. The report shows that US oil inventories fell by 1.58 million barrels, while analysts had expected an increase of 3.2 million barrels.
Canola futures in Winnipeg saw gains mid-week, with the November contract rising Can-$1.50/ton to Can-$599.60/ton. The upward movement was limited by the current high willingness of producers to sell on the cash market. On Euronext in Paris, February rapeseed fell by €1.00/t to €496.00/t. On the physical markets, however, prices remained firmer. Compared to the previous week, rapeseed prices rose by almost ten € per tonne. Trading on the domestic cash markets is described by market participants as quiet. A few goods are changing hands. Oil mills are signaling only restrained buying interest.
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