Soybeans held up slightly on Tuesday. In Chicago, the March contract gained 1.00 US cent and closed at 1,134.00 US cents/bushel. The May contract gained 0.25 US cents to 1,148.75 US cents/bushel. March meal lost 3.40 US dollars to 305.80 US dollars/short ton.
Robust fundamental data had a supporting effect. According to NOPA, 221.56 million bushels of soybeans were processed in January, more than expected by the market. This corresponds to an increase of a good 10 percent compared to the previous year, even if the volume was slightly lower than in December. However, soybean oil stocks rose sharply and were more than 49% above the previous year's level, which temporarily slowed down the oil market.
Export inspections also provided bullish impetus. At 1.203 million tons, shipments were a good 5% up on the previous week and more than 65% up on the previous year. China remained by far the largest buyer. Since the beginning of the marketing year, exports have totaled 24.35 million tonnes, a good 32% higher than the previous year.
According to AgRural, only 21% of the soybean harvest has been harvested in Brazil, which is less than in the previous year. Internationally, canola and rapeseed came under pressure. In Winnipeg, the March contract lost Can-$ 1.00 to Can-$ 662.50/t, while on Euronext the March contract fell by € 2.50/t to € 489.00/t.
