Soybeans gained on Thursday, led by the strong rise in the soybean oil market. In Chicago, soybeans for March rose by 9.25 US cents to 1163.75 US cents/bushel. May futures also rose by 9.75 US cents to close at 1179.25 US cents/bushel. In addition to the firm vegetable oil market, traders also point to support from the energy sector. Crude oil rose by 4.23 US dollars over the course of the day, providing additional bullish impetus. By contrast, meal for May lost US$ 0.60 to US$ 309.30/short ton.
The USDA's weekly export figures were solid. In the week ending February 26, the US reported sales of 383,492 tons of soybeans. This represents a decline of just under six percent compared to the previous week, but is a good 31 percent higher than the figure for the same week last year. The largest buyer was China with 153,100 tons. Further volumes went to the Netherlands with 133,000 tons and to Egypt with 110,400 tons.
Internationally, South America remains a key factor. The consulting firm AgroConsult increased its estimate for the Brazilian soybean harvest slightly to 183.1 million tons. At the same time, Brazilian exports are accelerating. In February, 7.113 million tons were shipped, more than three times as much as in January and a good ten percent more than in the same month last year. In Argentina, the Buenos Aires Grain Exchange currently rates 30 percent of stocks as good to excellent.
The vegetable oil market also received new impetus from Canada. The statistics authority expects canola acreage to reach 21.84 million acres in 2026, well below market expectations of around 22.3 million. In Winnipeg, May rose by Can-$ 10.50 to Can-$ 719.90 per tonne. Canola also rallied on Euronext, reflecting the firmer sentiment in the entire oilseed complex. May gained €7.50 to €503.00 per tonne.
