Soybeans came under renewed pressure at the start of the week. In Chicago, the November contract lost 14.50 US cents and closed at 1011.00 US cents/bushel. The January futures contract fell 14.25 US cents to 1030.50 US cents/bushel. Soybean meal also fell by US$4.00 for October to US$278.90/short ton.
Only 61 percent of US stocks were rated "good to excellent". This is two points less than in the previous week. The weekly export report was weak. At 484,116 tons, shipments were 41 per cent below the previous week. Egypt was the most important buyer. Since the start of the season, exports have totalled 1.57 million tons. Despite the weekly decline, this is an increase of a good 26 percent compared to the previous year.
The mood in Canada was also depressed: canola on the ICE in Winnipeg lost Can-$ 8.20 for November and landed at Can-$ 610.40 per tonne. Favorable harvest conditions and weak export demand put additional pressure on prices. The political background to the weak prices continues to be the 80% tariff package from China, which is not due to be lifted until March 2026 at the earliest.
Rapeseed in Paris fell by €2.50 to €470.75 per tonne in November.
