Brazilian weather, Chinese demand, and French rains influence the global market

“The market remains concerned about the weather forecast in South America,” explains Jack Scoville of Price Futures Group, with Brazil experiencing too hot and dry weather in its northern regions and too humid in its southern regions. Likewise in Argentina, the weather is too dry, even if “the country is starting to receive some showers,” he adds in a note. At the same time, American authorities reported on Monday and Tuesday significant sales of soybeans to China. Result: in Chicago, soybean prices for delivery climbed on Wednesday to their highest level since the beginning of September, at $13.78 per bushel. On the European side, a tonne of rapeseed due in February traded at 441 euros on Euronext, less than at the start of the week. “Faced with a sharp drop in oil prices, rapeseed and sunflower prices are not benefiting from the current strength of American soybean prices,” says the analysis firm Agritel. As for wheat and corn, prices have changed little over the past week. In ...