| Soybeans and Rapeseed are both down sharply today. While there remains uncertainty over the volume of rainfall for corn, soybeans in the US have received a better share of precipitation. Alongside encouraging weather forecasts and Chicago soyoil is also trading sharply lower as US crushing has accelerated, easing soybean oil supplies as prices remain elevated. Combined, the soybean pressure has led new crop November Paris rapeseed to fall below €495/T, a key pricing level. In other news, the second corn harvest in Brazil is just getting underway. With crops in poor condition, following what has been a sustained dry period throughout the growing season production estimates have been falling. As harvest progresses, the extend of the yield damage and crop loss will become evident. |
