The soybean markets in Chicago rose noticeably on Monday after initially quiet trading. November futures rose by 6.75 US cents to 1,033.75 US cents/bushel, while September was also in the green at 1,013.50 US cents/bushel, up 7.00 US cents. Soybean meal also looked good for the month of November, rising by US$1.60 to US$285.60/short ton.
The futures were supported by the USDA's condition report, which showed the proportion of stocks as "good/excellent" one percentage point lower at 64%.
The export figures were mixed. At 452,151 tons, weekly exports were eight per cent lower than the previous week, but almost 24 per cent higher than the previous year. The most important buyers were Mexico, Indonesia and Japan. Import demand from China was also striking: at 12.28 million tons in August, imports were up on July and slightly above the previous year, with the majority likely coming from Brazil.
In the international environment, canola in Winnipeg rose by Can-$ 10.50 to Can-$ 627.30/t in November. In Paris, on the other hand, rapeseed lost €1.25 to €460.00/t in November. The oilseed market was thus mixed overall, while prices in Chicago continued to receive a tailwind.
