In the reporting week ending May 12, 2015, soybean speculators in Chicago increased their net short positions by 21,271 contracts to 50,451 net short positions. As a result, soybean prices in Chicago and rapeseed prices in Paris remain under pressure. The latest USDA figures for the 2015/16 marketing year, with a stock-to-use ratio of 24.2%, also indicate a far above-average supply (average of 19.8% over the last five years). The weather in the USA is currently influencing the rapid progress of sowing due to persistent rainfall. Political developments in Argentina are influencing farmers' willingness to sell; at present, high stocks are still being held back for fear of high inflation. Ultimately, Chinese imports in particular will determine how the abundant stocks change in the medium term.
