US markets started the day a touch higher with the soybean complex leading the way. First quoted soybeans reached their most oversold condition in almost a year yesterday and some form of correction felt inevitable. For further declines in soybeans we will have to see significantly higher yield figures in the October report.

The price recovery continued through the session supported by the bullish StatsCan report as far as canola is concerned. Production was reduced by 2 million mt to 13.4 million mt which is below forecast demand levels. Prices jumped sharply across soybeans, canola and Paris rapeseed.

The highlight of the US export figures was the level of soybean sales at 47.6 million bu, China accounting for 37.7 million of these. A hefty 82% of forecast exports is now committed leaving precious little for the remainder of the marketing year. This week is likely to show significant soybean sales as well, China has continued to be an active buyer on this dip in prices

The key question now is, “have we just seen the seasonal low price in soybeans?”