US - Chicago soyabean prices moved lower at yesterday’s close after the US National Oilseed Processors Association (NOPA) published their latest crush data.
At 4.39Mt, the amount of soyabeans crushed in November was lower than the average trade estimate of 4.5Mt (according to a poll carried out by Reuters).
Nevertheless, it is the fourth largest crush on record and the highest November crush recorded. For the season so far (July-November), the cumulative crush figure for US soyabeans, based on NOPA data, is 17.68Mt, below the 17.77Mt crushed in the corresponding period last season.
US soyabean production is estimated 16.3Mt higher year on year by the USDA at 107.7Mt.
The dominance of soyabeans within the oilseed complex means that other oilseeds, such as rapeseed, tend to follow its price movements. Today, as at 12 pm, Paris rapeseed futures (May-15) were trading at €343.25/t, €3.25/t lower than yesterday’s closing price.
Last year, strong demand for US soyabeans, both domestic and foreign, provided some price support against a bearish backdrop.
A similar level of consumption, if not better, will be required this season, unless there are problems with the South American soyabean crop. To keep up to date with the latest developments see the HGCA Market Report and future GMDs.
TheCropSite News Desk