The soybean market was firmer in the middle of the week. The front futures contracts on the CBoT recorded premiums of between 5 and 8 US cents. Beans ended August at 1021.50 US cents/bushel. Support came from higher crude oil prices and the latest US export figures. For soybeans, 271,900 tons were sold in the reporting week up to July 10, plus 529,600 tons for the coming 2025/26 marketing year, both in line with market expectations. Combined sales of soybean meal amounted to 530,500 tons, while soybean oil reached an above-average export level of 7,900 tons. The main buyers were Venezuela and Mexico.
There were no major changes on the supply side. The Brazilian industry association Abiove confirmed its harvest forecast of 169.7 million tons, but increased the crush forecast to 57.8 million tons, an increase of 0.3 million tons, and the export outlook to 109 million tons, an increase of 0.8 million tons. The harvest estimate for Argentina was also raised by 1 million tons to 49.5 million tons, according to the Rosario Stock Exchange. Soybean meal prices moved unevenly, while soybean oil futures gained 97 to 147 points in the leading futures.
