The soybean markets came under further pressure in the middle of the week. The July and November contracts lost between 18 and 21.5 US cents per bushel, closing at 1025.25 US cents/bushel and 1018.5 US cents/bushel respectively. The weakness was felt throughout the soy complex: soybean meal also lost and soybean oil was down 22 to 35 points.
The main cause of the losses was weather-related pressure: Weather forecasts showed no threatening developments for US growing regions, with some abundant rain expected across much of the growing region - from the Northern Plains to the Eastern Corn Belt.
Weekly US export data is expected this Thursday. Analysts expect export sales of 200,000 to 600,000 tons for the current marketing year. Up to 150,000 tons are expected for new harvests. For soybean meal, the market expects sales of between 100,000 and 650,000 tons.
The news from Brazil, which brought with it a surprising increase in the blending quota for diesel and ethanol, failed to support the market. By contrast, things looked better on the Intercontinental Exchange in Winnipeg. Canola gained Can-$ 8.40 for November and was last at Can-$ 714.60 per tonne. However, rapeseed also fell again on Euronext, losing €5.50 for August and closing at €479.25 per tonne.
