US soybeans gained on Tuesday, supported by the firmer vegetable oil market. The November futures contract traded up 7 US cents at 1049.75 US cents/bushel. The March contract climbed 7.75 US cents to 1084.25 US cents/bushel. Soybean oil in particular set the tone, with increases of between 59 and 93 points. Soybean meal for December gained 0.40 US dollars to 286.10 US dollars/short ton.
According to the USDA, the US harvest is 5 percent complete. The condition rating fell by 1 percentage point to 63 percent "good to excellent. Harvest progress is likely to slow down due to upcoming rainfall in the Midwest.
Internationally, the Brazilian association Abiove raised its estimate for domestic processing to 58.5 million tons. Exports remain unchanged at 109.5 million tons. For September, 7.53 million tons are expected, which is slightly above the previous week's level.
On the canola market in Winnipeg, the November contract rose by Can-$ 8.50 to Can-$ 640.80 per tonne. Support came from the overall bullish environment on the agricultural and commodity exchanges. In Paris, rapeseed recovered after the start of the week, rising by €3.00 to €473.25/t.
