Soybean futures closed the session on Thursday with negative signs. Bearish momentum from the grain markets in particular dampened sentiment in oilseeds. The USDA's weekly export sales report showed that exports totaled 1.748 million metric tons for the week of September 12, exceeding trade estimates of 0.5 to 1.6 million metric tons. This figure is higher than both the previous week and the same week last year. The largest buyer was China with 973,900 tons, followed by Mexico with 166,700 tons.
Canola contracts in Winnipeg closed in negative territory shortly before the weekend. There has been little change in the fundamental data at present, so the market is waiting for impetus from soybeans. Due to the subdued sentiment in the soy complex, trading here was also unspectacular. Rapeseed prices in Paris also saw a further decline due to a weak market environment.
In the meantime, vegetable oil prices have recovered both on the CBoT and in Malaysia and have risen moderately in recent days. The US Department of Agriculture (USDA) is forecasting record global production of 224.2 million tons of vegetable oils for the current marketing year with an estimated consumption of 221.7 million tons. Stockpiles are expected to fall to 29.6 million tons, which is below the previous year's figure and the long-term average.
ZMP Live Expert Opinion
In the case of oilseeds, even the solid export figures were unable to offset the subdued sentiment and the market is therefore focusing primarily on the current good yield forecasts in the USA. Despite the generally good demand, the supply situation still appears to be sufficient and is only allowing prices to rise to a limited extent at present. The situation is different for rapeseed. Here, the EU still has an import requirement that is at least largely keeping losses in check.
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