On the US stock markets, soybeans were stable to slightly firmer on Thursday. In Chicago, the front month of September gained 1 US cent to close at 1028.25 US cents/bushel. November advanced 0.50 US cents to 1048.00 US cents/bushel, while January remained unchanged. Forward rates were thus able to recover from the interim weakness.
The export picture for the old crop was bearish. Net sales in the week ending August 21 were negative at 189,184 tons. There were withdrawals here, many of which were due to rebookings to previously unknown destinations. Things went much better for the new season. At 1.373 million tons, sales were 20% up on the previous week and clearly exceeded expectations. The largest buyer was an unknown destination with 690,000 tons, followed by Mexico with 315,800 tons. The export figures for soybean meal and soybean oil were also in line with or above forecasts.
The monthly processing report next Tuesday should provide new impetus. Analysts expect 207.1 million bushels of beans to be processed in July, with oil stocks of around 1.895 billion pounds.
Internationally, the new crop report from Statistics Canada put significant downward pressure on canola. Futures in Winnipeg fell by Can-$ 15.00 to Can-$ 635.70 per tonne. At 19.9 million tons, the harvest estimate is significantly higher than the previous year and the five-year average. Rapeseed in Paris lost €10.50 to €465.50 per tonne.
