India's palm oil imports in September rose 4.5% month-on-month, trade body says

Chicago soybean futures prices fell on Thursday due to active harvesting in the US Midwest, although a resurgence in Chinese purchases helped mitigate losses. The most traded soybean contract on the Chicago Board of Trade declined 0.4% to $12.71-3/4 a bushel. Wheat and corn also dropped by 0.7% and 0.4% respectively. A lack of rain in the Midwest enabled farmers to speed up their harvesting efforts after earlier rain delays.

Despite midweek rains interrupting field work, drier conditions are anticipated. According to the USDA, 46% of the US soybean crop had been harvested by Sunday, exceeding the average estimate of 44%. The National Oilseed Processors Association is set to release September US crush data on Thursday, with analysts predicting a one-year low of 203.737 million bushels and soyoil stocks at 1.116 billion pounds, the lowest since November 2024.

Chinese soybean imports, the world's largest buyer, dropped 7.7% in September compared to the previous year. Chinese imports are expected to initially decline before rebounding from October to December as they shift to the new US crop. Chinese government buyers placed 8 to 10 orders for US soybeans for delivery in December and beyond, according to traders.

The USDA reported private sales of 470,000 metric tons to China on Wednesday. China's soybean crushing industry is grappling with significant overcapacity, as noted by Lv Xiuping, a Communist Party committee member and chief accountant at state-run COFCO Oils & Fats, during the 19th China International Oils & Oilseeds Conference.