Chicago May-16 soybean prices increased 1% and settled at 863.6 US¢/bu on Friday, as the sharp rise in Brazilian Real hurts their export prospects, and also found support on the back of weather concerns in the US.
Canola took a huge knock over the week with ICE Canola March 16 finishing at CA$452.3 up CA$4.5/t for the week.
Although the international markets saw increases last week, there is still growing concerns that the South American crop could limit gains in the near term.
With the Brazilian Soybean harvest gathering momentum and 54% complete. Informa has increased the Brazilian soybean crop to 101.3 million mt up 800,000t from their previous estimate.
The Argentine soybean crop has benefited from the recent rainfall and the crop is now well into their flowering period and pod fill stages. Informa lowered the Argentine production by 1 million mt to 58 million mt.
COFCO estimate Chinese soybean imports could reach 83 million mt, due to improved margins on the pig production, This estimate is above the 80.5 million mt estimated by the USDA.
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