The US soybean market continued its downward trend in the middle of the week. In Chicago, the November contract fell by 6.00 US cents to 1,025.25 US cents/bushel. The September contract had already closed down 6.00 US cents at 1,005.50 US cents/bushel. December soybean meal also fell by 3.20 US dollars to 285.80 US dollars/short ton.
Caution prevails ahead of the USDA reports on Friday. According to the Reuters forecast, market participants expect a slight reduction in the average yield of 0.3 bushels to 53.3 bushels per acre. This would bring total US production to 4.271 billion bushels, down 21 million from August.
Meanwhile, the stock exchange in Rosario reports a decline in Argentine soybean production of 2.5 million tons to 47 million tons. The main reason for this is a smaller area under cultivation.
In contrast, the markets in the oilseed sector were more stable. Canola futures on the ICE in Winnipeg rose by Can-$ 8.40 to Can-$ 628.10/t for November. In Paris, rapeseed for November gained €3.25 and climbed to €467.75 per tonne.
