Soybean futures came under heavy pressure in the middle of the week. On the Chicago exchange, the August front month lost 14.00 US cents and closed at 967.75 US cents/bushel. The most traded November futures fell by 13.75 US cents and closed at 995.75 US cents/bushel. Soybean meal was also down 1.60 US dollars for September, closing at 264.80 $/short ton.
Export expectations for weekly US shipments were between 100,000 and 300,000 tons in the old marketing year, according to analyst estimates. New business is expected to be between 100,000 and 600,000 tons.
The USA and China are currently negotiating the current trade disputes in Sweden. The developments have left traders feeling additionally unsettled, as exports to China are already at a low level regardless of the negotiations. New reports suggest that Trump wants to tighten the thumbscrews once again if China continues to decide to do business with Russia.
The market was also weighed down by the prospect of a significantly larger Brazilian harvest in the coming marketing year. Analyst firm Datagro currently estimates soybean production in 2025/26 at 182.90 million tons - an increase of 9.4 million tons compared to the previous year.
Canola futures in Winnipeg continued their sideways movement. The November contract fell by Can-$ 5.70 and closed at Can-$ 696.60/t. Australia recently increased its exports to China, leaving Canadian traders unsettled.
On Euronext, rapeseed for November lost €3.25 to €482.75 per tonne.
