Soybean prices ended Tuesday slightly weaker. The new crop futures fell between 0.5 and just under 5 US cents. The August contract stood at 1010.25 US cents/bushel, down 4.75 US cents. Soybean meal, on the other hand, posted a slight gain for August of US$ 3.30 to US$ 273.80/short ton. Due to the falling crude oil price, soybean oil was unable to hold its ground and fell by 35 to 44 points.
Meanwhile, the latest USDA report shows that stocks deteriorated by 2 % to 68 % good/excellent compared to the previous week. This report surprised some traders and prevented the price of soybeans from slipping further.
Internationally, Brazil is expected to export 12.11 million tons of soybeans in July. This is slightly below the previous week's forecast of 12.19 million tons.
Canola came under pressure, primarily due to the strength of the Canadian dollar and rainfall in the drought-stricken growing regions. The November price fell by Can-$ 4.10 and finally stood at Can-$ 690.00. Rapeseed defied the general fall in prices for vegetable oils on Euronext and improved by €0.50 to €481.25 per tonne.
