Soybeans rose noticeably at the end of the week. In Chicago, the November contract rose by 6.50 US cents and ended trading at 1054.50 US cents/bushel. September was quoted at 1036.75 US cents/bushel, up 8.50 US cents. Soybean meal also made gains, climbing US$1.70 for December to US$282.90/short ton.
Despite the positive price trend, export figures remain subdued: old crop sales of 50.87 million tons are exactly 100 per cent of the USDA forecast, but below the long-term average. At 7.23 million tons, sales for the new harvest are lagging well behind the previous year. China has so far remained conspicuously passive.
Internationally, however, canola and rapeseed were under pressure. In Winnipeg, November canola fell by Can-$ 9.30 to Can-$ 626.40 per tonne. A harvest estimate of 19.9 million tons, well above the five-year average, weighed on the market. Some analysts are expecting even higher figures, which is leading to increasing selling pressure. Geopolitical uncertainties surrounding trade with China are also weighing on the market.
On Euronext in Paris, rapeseed for delivery in November lost €3.00 and slipped to €462.50 per tonne.
