Soybean futures rose noticeably on Thursday. In Chicago, the November contract rose by 8.25 US cents to 1033.50 US cents/bushel. The September contract rose by 9.75 US cents to 1015.25 US cents/bushel. Support came from the submarkets. Soybean meal for December rose by US$ 1.90 to US$ 287.70/short ton, while soybean oil gained 49 to 61 points.
Despite the friendly prices, the outlook on the export side remains cautious. In the week to September 4, 541,055 tons were sold for the new marketing year 2025/26. Of this, 431,700 tons went to unknown destinations and 62,000 tons to Taiwan. In addition, 767,049 tons were carried over from the old marketing year.
The Brazilian agricultural authority CONAB increased its harvest estimate for 2024/25 by 1.92 million tons to 171.47 million tons. This could weigh on prices in the coming weeks.
On the oil market, canola in Winnipeg followed the lead from Chicago: the November contract gained Can-$ 3.60 to trade at Can-$ 631.70 per tonne. In Paris, on the other hand, rapeseed fell slightly. The November contract lost €1.25 to €466.50/t.
