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Agriculture Americas Energy US

USDA reports strong soy sales but oil still weak

Crude is heading for its largest monthly fall this year following oversupply in a persistent bear market. The strengthening US dollar is also having an effect as it heads for its largest monthly advance since January. Palm oil continues to be weak, in line with the global veg oil complex, as weak demand looks set to couple with a seasonal increase in production. Argentine soybean exports fell 42% WoW to 322,000mt last week but 2015 soybean exports so far are up 63% YoY. The US is also reporting good sales in soybeans, with exports of 140 kt booked for September, suggesting that the weak prices have attracted some buyers. EU biofuels have dropped amid a heavily offered market, pushing the RSO/RME spread down by around 5 $/mt.

 

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