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US Soy Harvest Delivers Better-than-expected Results

28 October 2013

GLOBAL - The US soybean harvest continues to deliver better-than-expected yields and was rated as 63 per cent complete last Monday (21 October). The crop rating of good to excellent was increased by four per cent, writes Jonathan Lane, Gleadell’s Trading Manager.

The market continues to wait for the USDA export sales data, whilst the 8 November WASDE report will provide the latest indication of yield and crop size. The market has ticked slowly higher throughout the week.

In South America soybean plantings are progressing in Brazil but we are seeing some dryness in Argentina which will need to be monitored.

The MATIF rapeseed contract has tracked beans and ticked slowly higher over the week with little news.

Crush margins remain positive and crushers remain keen to buy seed pre-Christmas. The strength of the euro has aided UK domestic prices and there has been some selling with £300/t ex farm achievable across the UK.

TheCropSite News Desk

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