Last week’s heavy rains in the major soybean growing regions of the US and the Canadian Prairies led to sharp declines in Chicago soybean quotations and canola prices.
Crop condition will improve
According to Crop Progress, the number of US soybeans in good or excellent condition rose 2% this week to 54% (59% last year). The coming days will see additional rainfall, which, combined with moderate temperatures, will improve crop condition at the critical stage of grain set.
On the Chicago exchange, September soybean futures fell 3% yesterday to $495.4/t and November futures fell 2.5% to $478.4/t (-2.3% for the week).
On the Winnipeg exchange, November canola futures fell 2.1% yesterday to CAD780.9/t or $582.8/t, in line with last week’s and last month’s levels, as rains washed away speculative price support.
On Paris Euronext, November rapeseed futures fell 1.6% to €466.25/t or $512/t yesterday and were up 4.7% for the week on forecasts of a reduction in the EU crop, although the EU market is now seeing increased supply from both domestic and Ukrainian rapeseed.
In Ukraine, as of August 1, 3.32 million tons of rapeseed were threshed from 1.182 million hectares or 85% of the area with a yield of 2.81 t/ha (2.6 t/ha last year).
Source: Graintrade
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