US - Delays to the US soybean harvest last week provided some support for the market and Chicago Nov-14 futures prices rallied $18.28/t between 1 and 16 October, peaking at £355.09/t last Thursday (16 October).
However, the upward trend appears to have been relatively short lived (see below), as dry weather over the weekend has allowed harvesting to progress.
As at 19 October 53 per cent of the soyabean area had been harvested, 13 percentage points ahead of progress last week, although progress is still 13 percentage points behind the five year average.
With limited rain forecast over the next 6 days (MDA Weather Services) weather conditions are likely to support further harvest progress, and it is possible that a downward trend could return to the soyabean market.
Despite the general bearish mood of the global market, short term rallies such as this one highlight the importance for farmers to capitalise on increasing prices where possible.
TheCropSite News Desk