Oilseeds
Soybean & Soybean Oil
The average weekly price of US Soyabean as of October 29 increased by 4.3% M-O-M and rose by 8.4% Y-O-Y to $390.38/mt. According to market participants, recent gains in Chicago futures reflect optimism surrounding trade negotiations between US President Donald Trump and Chinese President Xi Jinping. Traders said discussions could lead to renewed Chinese purchases of US soybeans. State-owned COFCO purchased three U.S. soybean cargoes totaling 180,000 mt, though sources said this move may have been largely symbolic. Market players are closely monitoring Chinese buying for December and January, the key export windows for US soybeans, before shifts to South American origins
The average weekly price of US Soyabean Oil as of October 29 increased by 1.6% M-O-M and rose by 15.9% Y-O-Y to $1,112.57/mt. Sources told Expana that, akin to soybean prices, the gain in soybean oil was in part due to optimism surrounding trade negotiations between US President Donald Trump and Chinese President Xi Jinping. Traders said discussions could lead to renewed Chinese purchases of US soybeans. Furthermore, the US and Brazil are reportedly raising biodiesel inclusion rates, which market sources note would lead to higher soyoil consumption. With biodiesel consumption in Indonesia rising, market sources expect this could have a spillover impact on soyoil prices.
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