Prices on the US soybean market regained their footing after a weak start. The November futures contract gained 1.50 US cents and closed at 1033.00 US cents/bushel. The January contract also rose by a similar amount. Only the September futures contract slipped by 4.00 US cents, but there was little trading there. Soybean meal for the same month rose by US$ 2.50 to US$ 280.10/short ton.
Strong export figures had a supporting effect: According to the latest Census data, 1.751 million tons of soybeans were exported in July. Compared to the previous year, this corresponds to an increase of 17.4 percent. By-products also increased: soybean meal exports reached an all-time high of 1.392 million tons in July. Soybean oil exports, on the other hand, fell to 28,583 tons.
The market is eagerly awaiting the USDA export report this Friday. Producer surveys by StoneX currently put the US yield at 53.2 bushels/acre (~3.58 tons/ha), which is slightly below the previous month. Production is estimated at 4.257 billion bushels (~ 115.9 million tons).
There were mixed signals on the oilseed markets: While November canola on the ICE in Winnipeg rose by Can-$ 3.30 to Can-$ 620.20/t, rapeseed on Euronext in Paris lost € 3.25 in November futures and closed at € 461.25/t.
