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Strong Soymeal Demand Supports US Prices

Strong Soymeal Demand Supports US Prices

31 October 2014

US - US soyabean futures have been on an upward trajectory since late September, supported by delays to the US harvest and growing concerns about planting conditions in Brazil, writes Helen Plant, Senior Analyst, AHDB/HGCA.

Yesterday US soybean futures (Dec-14) closed at $383.20/t – the highest level since mid August (see below).

Earlier this week the USDA confirmed that the drier weather last week enabled strong harvest progress to be made.

Between 19 and 26 October, the US soybean harvest progressed from 53 per cent to 70 per cent complete; although progress still remains behind the five year average of 76 per cent complete for the time of year.

However, it is the earlier delays combined with strong export demand for soymeal, putting pressure on the domestic transport system, that is partly supporting US soybean prices.

US soymeal export commitments have reached a record 6.24Mt by 16 October, considerably above the 3.86Mt committed by this time last year. 

TheCropSite News Desk



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