The soybean markets were under noticeable pressure in the middle of the week. Futures on the CBoT lost between 10 and 12 US cents in most futures. August closed at 1009.00 US cents/bushel, a drop of 12.25 US cents. The product markets also showed weakness: soybean meal fell by up to US$1.40/t short, while soybean oil lost 45 to 82 points.
For the current week, traders expect export sales of 300,000 to 600,000 tons of old crop and up to 400,000 tons of new crop. For soybean meal, sales of up to 950,000 tons are expected, for soybean oil only up to 30,000 tons. Ahead of the upcoming USDA report, analysts are expecting a slight increase in old stocks and a slightly reduced harvest due to lower acreage. Ending stocks for the new 2025/26 harvest are estimated at 302 million bushels, a slight increase compared to June.
On the weather side, the US weather service is expecting widespread rainfall in the central Corn Belt, while the western part of the growing region can expect lower volumes. It is precisely during this period that the soybean plants will benefit from the rain, which will increase yield expectations.
On the ICE in Winnipeg, canola lost Can-$ 23.10 to Can-$ 681.00/t. Announced rainfall is depressing traders' expectations of a tight harvest and the uncertainty surrounding the trade disputes with the USA is also weighing on prices. Right now, the US government's focus seems to be shifting away from the Middle East conflict and back to Trump's typical tariff announcements with all kinds of countries.
Rapeseed also recorded a sharp drop for the month of August, falling from €7.25 to €459.00 per tonne on Euronext.
