Soybean contracts rose significantly in the middle of the week, clearing technical marks. November futures rose by 11.50 US cents to 1044.25 US cents/bushel, closing the price gap from the July holiday weekend. September gained 11.25 US cents to 1024.00 US cents. September meal also gained again, closing up US$5.60 at US$287.00/short ton. Soybean oil gained between 5 and 31 points.
Meteorologically, NOAA is expecting up to 75 millimeters of rain over the next seven days, especially in Minnesota and Wisconsin. Ahead of today's USDA report, traders are hoping for sales figures of up to 700,000 tons of old crop beans and 900,000 tons in new crop sales. Tuesday's WASDE report has recently caused a lot of confusion on the market, as a much lower production estimate drove up prices. However, traders are beginning to worry that sales could be reduced by the higher prices. After all, the competition is not sleeping and, according to the latest information, South America is about to have a good harvest.
The canola market in Winnipeg saw a technical countermovement after the recent setback. November rose by Can-$ 9.50 to Can-$ 659.80/t. Rapeseed on the Paris Euronext followed the international trend with an increase of €7.25 to €473.75/t for November.
