In Chicago, soybeans rose significantly on Friday. November futures rose by 12.75 US cents and closed at 1046.25 US cents/bushel. Over the week as a whole, soybeans gained 19.25 US cents. Soybean meal also made gains in December. Even if only slightly, the price rose by US$ 0.90 to US$ 288.60/short ton.
Market participants were on the buying side despite bearish USDA figures. Although the ministry raised US production slightly by 8 million bushels to 4.3 billion bushels, the expected yield remained above estimates at 53.5 bushels/acre. Stockpiles for 2024/25 were raised by 10 million to 300 million bushels, supported by a reduced export forecast and higher domestic demand due to additional crush capacity.
Global soybean stocks fell by 1.61 million tons to 123.58 million tons. This was primarily due to a decline in old stocks in Argentina. New global final stocks were also reduced slightly to 123.99 million tons.
Hopes of a diplomatic rapprochement between Canada and China provided a tailwind on the canola market. November futures on the ICE in Winnipeg rose by Can-$ 8.00 to Can-$ 639.70/. Paris rapeseed also found its way back into upward mode: November gained €6.50 to €473.00 per tonne.
