Soybeans fell sharply on Wednesday. In Chicago, September futures fell by 9.75 US cents to 1,016.00 US cents/bushel, while November lost 9.50 US cents to 1,031.50 US cents/bushel. September soybean meal was also down 0.70 US dollars at 277.60 US dollars/short ton.
Fundamentally, the weaker status reports stood out, but this was not enough to turn the market mood around. The proportion of stocks rated "good to excellent" fell by four points to 65%. In addition, Allendale estimates the US crop at 53.28 bushels per acre (~3.6 t/ha) and a production of 4.268 billion bushels (~116.3 million tons) at a high level, which is weighing on prices.
Oilseeds were also under pressure internationally. On the ICE in Winnipeg, canola lost Can-$ 13.40 to Can-$ 616.90/t in November. Harvest pressure and trade disputes with China are currently weighing heavily. In Europe, rapeseed followed this trend: In Paris, the November contract fell by €4.50 to €464.50/t. Oilseeds are also under pressure due to the announcement by the OPEC+ states that they intend to increase production.
