The US soybean markets were firm on Thursday, buoyed by rising exports and a strong boost in soybean oil prices. In Chicago, the March contract rose by 10.50 US cents to 1,053.00 US cents/bushel. May rose by 9.25 US cents to 1,064.25 US cents/bushel, and July also closed with a plus of 8.00 US cents. Soybean meal, on the other hand, lost 2.70 US dollars to 289.20 US dollars/short ton.
At 2.06 million tons, the USDA reported the third-largest weekly export sales of the current marketing year. China alone secured 1.224 million tons, followed by Egypt and Mexico. Further sales of just under 750,000 tons went to unknown buyers. The strong demand sent a clearly bullish signal.
At the same time, strong soybean oil prices supported the entire complex. Futures gained up to 199 points after NOPA's December crush data of 224.99 million bushels exceeded expectations. Soybean oil stocks climbed 8.5 percent on the month.
Canola prices in Winnipeg fluctuated again and rose by Can-$ 6.10 to Can-$ 634.40/t in March futures. Traders were mainly guided by the development of competing vegetable oils. In Paris, the February front month rose slightly by €0.75 to €471.00 per tonne.
