Soybean futures rose noticeably on Wednesday, with the new crop in particular setting the tone. The November contract gained 10.25 US cents to close at 1141.50 US cents/bushel, while the May futures contract rose by 4.75 US cents to 1161.75 US cents/bushel. Traders point to a rising soybean/corn ratio, which is moving towards 2.33 and increasing the attractiveness of the bean for cultivation. Soybean meal also closed May with a plus and ended at 321.70 US cents/bushel, an increase of 10.00 US cents.
The soybean meal market also had a supportive effect with gains of 4.00 to 10.00 US dollars, while soybean oil came under pressure in late trading and lost up to 44 points. A reported export booking of 120,000 tons of soybean meal for 2026/27 to unknown buyers provided additional bullish impetus. In view of the upcoming USDA report, market participants expect solid old crop sales of between 350,000 and 800,000 tons.
The acreage estimates are also providing food for thought. According to a survey, US soybean acreage is expected to rise to 85.66 million acres, a significant increase on the previous year, which looks rather bearish in the medium term.
Internationally, the picture is mixed. Canola in Winnipeg came under pressure, with the May contract falling by Can-$ 3.30 to Can-$ 726.20 per tonne. This was triggered by profit-taking after the recent rally and weak data from the soybean oil market. In Paris, rapeseed saw a mixed trend, with the May contract falling slightly to €502.50/t, while subsequent futures rose moderately.
