The US soybean markets were weaker on Thursday. In Chicago, November fell by 6.25 US cents and closed at 1037.50 US cents/bushel. January lost 6.50 US cents to 1056.50 US cents/bushel. Soybean meal also fell, losing US$0.90 to US$283.00/short ton for October.
Sentiment remained bearish after export sales for the week ending September 11 came in at 923,018 metric tons, well below last year's figure, although up 70 percent from the previous week. China was again not a buyer, while Mexico and Spain were the largest buyers. Sales of soybean meal were in line with expectations at 182,495 tons. Soybean oil sales amounted to 22,367 tons. Weak prices for palm oil and crude oil also put pressure on the entire vegetable oil complex.
There was also no bullish impetus from the supply side: The Brazilian agricultural authority CONAB estimates the coming 2025/26 harvest at 177.67 million tons, which corresponds to an increase of over 6 million tons compared to the previous year and is driven by the expansion of the area under cultivation by 1.73 million hectares.
There is some hope for the bulls in the phone call that Trump is planning with China's President XI today. This will mainly be about trade issues.
In Winnipeg, ICE canola November lost Can-$ 4.20 to Can-$ 623.90/t, weighed down by weak data from Chicago and falling palm oil prices. In Europe, on the other hand, rapeseed rose by €5.00 to €475.75/t in November.
