Soybeans were under pressure across the board at the start of the week. In Chicago, the November contract lost 3.50 US cents and closed at 1042.75 US cents/bushel. The January futures contract also lost 3.50 US cents and ended trading at 1061.75 US cents/bushel. Soybean meal for December also fell. It stood US$ 2.90 lower at US$ 285.70/short ton.
Fundamentally, there was some bullish momentum: weekly US export inspections reached 804,352 tons, a strong increase of 72% on the previous week. Italy, Bangladesh and Mexico in particular showed buying interest. NOPA's monthly report had an even stronger impact: At 189.81 million bushels, US oilseed processing was at record levels and well above expectations. Nevertheless, the market ignored the strong data, as well as the drop in the crop rating by one point to 63 percent "good to excellent".
On the canola market, weak export demand and harvest progress weighed on prices. In Winnipeg, November futures lost 7.40 can-$ and slipped to 632.30 can-$/t. According to the Canadian Grain Commission, exports of 530,000 tons are only half of the previous year's figure, as China continues to refrain from buying.
Rapeseed also fell on Euronext in Paris. The November contract lost €2.75 and closed at €470.25/t.
