Futures Close Report: 17th October 2017

China’s stocks of soybean oil are at record levels – put at 1.6 million tonnes versus 1.3 million tonnes at the same time last year.  The high stocks are the result of record arrivals of beans, with 93.5 million tonnes arriving in the 2016/17 crop year that ended in September, up 12% on the prior year.

AgRural put Brazil soybean planting progress at 12% of the annual crop – in line with average pace but behind the progress levels seen at the same time last year.  Weather forecast is improving with rains expected which should assist farmers to plant thereafter.

Dry weather predicted for US Midwest which should allow good harvest progress – this seen as adding pressure to markets as crop becomes available.