Soybean futures were under pressure for long stretches on Tuesday. On the CBoT, the September futures fell by 3.00 US cents to 989.50 US cents/bushel, while the November contract closed 2.00 cents lower at 1,009.50 US cents/bushel. Despite firm soybean oil prices, beans were unable to benefit from the strength in the by-product. Soybean meal also continued its weakness, losing as much as US$3.00 to US$266.40/short ton for September.
The improved condition ratings had a particularly negative impact: The proportion of US soybean stocks in the good/excellent category rose by 2 percentage points to 70%, according to the USDA report.
Internationally, ANEC described a slight reduction in Brazilian exports for July to 12.05 million tons. The total volume is nevertheless well above the previous year's figure of 11.3 million tons.
The canola market in Winnipeg was well supported on Tuesday. The November futures gained Can-$ 6.40 to Can-$ 702.30/t. The price was boosted by the recent devaluation of the Canadian dollar, but strong soybean oil prices also helped it into green territory.
On Euronext in Paris, on the other hand, rapeseed prices remained in the red. The November contract fell by €0.50 to €486.00 per tonne.
