The soybean market was weaker in the middle of the week. In Chicago, the September contract lost 1.50 US cents and ended trading at 1027.25 US cents/bushel. November futures slipped 2 US cents to 1047.50 US cents/bushel, while January delivery fell by 2.50 US cents. Demand momentum remains weak, although new export contracts are expected.
For the week ending August 21, analysts expect net changes between withdrawals of 200,000 tons and sales of up to a maximum of 50,000 tons. New business from the coming harvest could be between 450,000 and 1 million tons. Market participants see export sales of between 125,000 and 450,000 tons for soybean meal and between zero and 14,000 tons for soybean oil.
There are no signs of relief on the weather side. The NOAA 7-day outlook shows hardly any precipitation in the Eastern Corn Belt and only small amounts in Nebraska, South Dakota, Minnesota and Iowa. The drought in parts of the growing regions could support the market, but has not yet provided any noticeable impetus.
Canola also closed weaker: the November contract in Winnipeg lost 2.70 can dollars to 648.00 can dollars per tonne. Canola thus followed the general downward trend on the oilseed market.
