US Soybean Harvest Progress and Palm Oil Pressure Soy Prices
The US soybean harvest was ahead of its five-year average as of November 1, while Malaysian palm oil futures fell 2.6%. Larger US crop expectations and weaker palm oil are weighing on soybean and soybean oil prices.
· Feedsoft Markets Desk
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Palm oil futures fell 2.6%. In Malaysia, futures—contracts for later delivery—fell.
US soy harvest: 88% complete. By November 1, harvest was ahead of the five-year average of 84%.
StoneX raised its yield estimate. The firm now estimates 3.7 tonnes of US soybeans per hectare.
More expected supply weighs on prices. Larger US crop expectations and weaker palm oil are weighing on soybean and soybean oil prices.
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