Soybean November 15 CBOT futures were down 6.6USc/bu for the week, from 905.2USc/bu to settle at 898.60USc/bu.
ICE Canola however made a CA$2.9 gain for the week, and finished the week at CA$474.5/t
Australian Non GM canola continues to find support at these levels with reports indicating the strongest interest in Aussie canola is coming from the EU. The reason being is the smaller crop, with the EU and Ukraine production falling 3.3 million ton this year. It is estimated their total production for this season to be at 23 million ton. The offshore market has also risen as EU growers are reluctant to sell this season, hence this is slowly pushing values higher as the buyers try to entice the grower to sell, making imported canola more competitive.
Drier conditions in Brazil have slowed soybean seeding but over 80 million acres are forecasted to be planted, putting 2015/16 production over 100 million tonnes.
Canola followed the offshore market and made a $5 gain across all port zones.
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Weekly Report 15_10_26