Soybeans were significantly firmer on the CBoT on Tuesday. November gained 21.50 US cents and closed at 1032.75 US cents per bushel. September followed with a plus of 21.00 US cents to 1012.75 US cents. Soybean meal also rose by 0.60 US dollars to 281.40 US dollars/short ton.
The bull market was triggered by a surprising acreage reduction in the USDA report: at 80.9 million acres, 2.5 million acres less than in the previous month were reported. Despite a slightly higher yield, US production fell to 4.292 billion bushels, 43 million below the July forecast.
Inventories also had a bullish effect. For the new marketing year, the USDA cut US ending stocks to 290 million bushels. Worldwide, the forecast fell to 124.9 million tons due to the new estimates. The condition ratings also fell slightly: The "good to excellent" share fell by one point to 68 percent.
The picture for canola was completely different. In Winnipeg, the November futures price plummeted by Can-$ 30.50 to Can-$ 650.30 per tonne. The background to this is China's announcement that it will impose a provisional anti-dumping duty of 75.8 percent on Canadian canola imports from Thursday. On Euronext, November rapeseed also fell by €7.00 to €466.50 per tonne.
