In Chicago, soybeans climbed significantly. March gained 8.75 US cents and closed at 1148.25 US cents per bushel. May gained 9.75 US cents to 1165.00 US cents per bushel. The July contracts also ended trading noticeably firmer.
From a trader's point of view, the support clearly came from the scrap market. May gained US-$ 7.40 to US-$ 321.80/short ton. One of the reasons for this is a drier weather outlook for Argentina at the end of the growing season. This is fueling supply concerns and has a bullish effect. Soybean oil also trended firmer. The market is also waiting for the US export figures. Expectations are for 0.4 to 1.0 million tons of beans and 250,000 to 500,000 tons of meal.
Internationally, the oilseed markets were mixed. In Winnipeg, May canola fell by Can-$ 0.20 to Can-$ 691.40/t. Processing in January was 1.05 million tons and thus above the previous year, while deliveries were down. In Paris, rapeseed lost €8.25 to €483.00/t in May, sending a bearish signal.
