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Soyabeans maintain downward momentum

Date Added: 28/09/2012

Soyabeans have continued to fall this week, currently at $15.80 a bushel at time of writing. Better yields, a poor economic outlook and fund liquidation are attributed to the general sell off.

 

The USDA report today was bearish to soyabeans due to higher than expected stocks, though bullish to corn due to lower than expected stocks. In fact at the time of writing soyabeans are 10 cents up on the day, no doubt due to a limit up move in the corn market.

 

Oilseed rape prices are valued at £365.00 to £370.00 ex farm for November. Lower rapemeal and rapeoil prices are helping to generate consumer interest but lack of farmer selling means physical trade is light.

 

Earlier bullish momentum may have somewhat evaporated  but a tight stock situation on world oilseeds should mean further downward moves should be limited.

 

Owen

 

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