Global oilseed market: Soybean prices surge and fall back, short-term trend determined by China's purchasing pace

On Friday (November 21), the January soybean futures on the Chicago Board of Trade (CBOT) closed at $11.25 per bushel, up 0.04% from a week earlier; the spot average price for No. 1 soybeans in the U.S. Gulf was $12.025 per bushel, down 0.62%. December soybean meal closed at $319.2 per short ton, down 1.66%; December soybean oil closed at 50.58 cents per pound, up 0.18%; February rapeseed futures on the Euronext exchange closed at €479.00 per ton, down 0.16%; Canadian January rapeseed closed at CAD 641.1 per ton, down 0.99%; and the FOB spot price for Argentine Upper River soybeans was $437 per ton (including a 33% export tax), up 0.5%. The ICE U.S. Dollar Index closed at 100.113 points, up 0.92% from a week earlier, reaching a six-month high. In terms of exports, China's intensive purchases of U.S. soybeans over the past two weeks had injected strong momentum into the soybean market, but the U.S. government's recently released data quickly cooled the optimism. Mid-month market ...