The soybean market was only partially taken over by the bulls on Thursday, with bean futures gaining around 12 to 17 ½ cents. Soybean meal futures led the rally due to the drought in Argentina and recorded the highest gains. Soybean oil futures, on the other hand, recorded losses. Weather forecasts for the coming week predict normal rainfall in most parts of Brazil, while the south of Brazil and Argentina are suffering from drought. Meteorologists expect the drought to last until the beginning of January. The forecast has led to an increase in speculative buying and many market participants have positioned themselves accordingly.
The weekly report on export sales will be published this Friday due to the public holidays. Analysts estimate that a total of 1 to 1.8 million tons of soybeans from the 2024/25 crop were sold in the week of December 19, with an additional 70,000 to 125,000 tons for the 2025/26 crop. Soybean meal sales are estimated at 200,000 to 450,000 tons, while soybean oil sales are expected at 5,000 to 15,000 tons. Exports of soybeans from Brazil in December are estimated at a total of 1.62 million tons, in line with the previous week's estimate, according to ANEC.
Canada is reported to have processed 1.019 million tons of rapeseed in November, an increase of 12.2% compared to the previous year.
On Euronext, rapeseed futures ended the weekend with gains before the holidays. Trading starts again today.
ZMP Live Expert Opinion
For oilseeds, the development of the drought, particularly in Argentina and Brazil, could point the way for futures in the short term. Overall, global harvest forecasts still look solid, so market participants do not expect the volatile price trend to change much for the time being. Euronext rapeseed has been largely unaffected by overseas cues in recent weeks.
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