Strong US Soybean Exports Provide Price Support09 December 2014
US & CANADA - Although, the latest production estimates from Statistics Canada were bearish and the initial price reaction saw a dip in Canadian canola futures, this was short-lived.
Another week of strong export sales for US soybeans saw prices move upwards, and limited any price decline in Winnipeg canola futures.
This again highlights the sizeable influence of soybeans on the oilseed complex as a whole.
USDA export data shows that total US soybean export commitments increased by 1.18Mt compared with the previous week Nearby Chicago soybean futures closed at $371.26/t on Thursday, $4.5/t higher than the previous settlement price.
Paris rapeseed prices have remained fairly stable as closing prices moved only within €1.50/t since the beginning of last week.
TheCropSite News Desk