The soybean markets showed a downward trend in the middle of the week. Despite initial price gains, futures came under pressure as trading progressed. August soybeans recorded a loss of 4.50 US cents to 1005.75 US cents/bushel. Soybean meal also fell by US$ 1.70 to US$ 276.20/short ton. Soybean oil, on the other hand, fared better. After losses the previous day, it rose between 29 and 51 points.
For exports, estimates before the publication of the weekly USDA report range from 100,000 to 350,000 tons of old stocks and 250,000 to 500,000 tons of new crop. For soybean meal, 250,000 to 550,000 tons are expected, and up to 20,000 tons for soybean oil.
A new trade agreement between the USA and Japan provides for a tariff rate of 15% from August 1. According to the White House, Japan is to buy soybeans, among other things, as part of a total package worth 8 billion US dollars. At the same time, an agreement was also announced with Indonesia to partially reduce the reciprocal tariff burden. Market participants are also focusing on the ongoing negotiations with the EU and China.
Canola was also able to gain ground due to the rising price of soybean oil. With a plus of Can-$ 8.10, the price ended at Can-$ 698.10/t. Things also looked green for rapeseed. The November price on Euronext gained €4.00 to €485.25/t.
