In Chicago, soybeans closed down 2.50 US cents at 1168.50 US cents/bushel in the May contract. Subsequent futures also fell slightly without any pronounced selling pressure. Meanwhile, May meal rose and closed 1.80 US-$ higher at 318.20 US-$/short ton.
From a trader's perspective, bullish and bearish factors balanced each other out. The decline in crude oil prices, which put soybean oil in particular under considerable pressure and thus weakened the entire oilseed complex, had a particularly negative impact. At the same time, robust demand from processors provided stability: at 214.2 million bushels, soybean crushing in February was well above the previous year's level and even set a record on a daily basis. This supports the market and limits the downside potential.
Expectations on the export market remain cautious. Traders are expecting solid but unspectacular sales of the old crop, while new business is unlikely to provide much impetus.
Internationally, the bearish tone intensified. Canola fell significantly in Winnipeg, with the May contract losing Can-$ 13.30 to Can-$ 718.40/t. In addition to profit-taking, the weaker energy market in particular put pressure on prices. Rapeseed also followed this trend in Paris, falling by €9.50 to €504.75 per tonne. The entire oilseed market thus remained under pressure. In the meantime, crude oil prices have risen sharply again after traders feared an extension of the Iran conflict.
