The soybean markets were significantly firmer in the middle of the week. Futures on the CBoT rose by 18.00 to 19.00 US cents, with the August 25 futures contract closing at 1013.50 US cents/bushel. The price of soybean meal rose by US$ 2.20 per tonne and soybean oil by 20 to 24 points. One of the reasons for the positive development is a preliminary trade agreement between the USA and Indonesia, which includes the purchase of US agricultural products worth USD 4.5 billion. In addition, the USDA announced a new export order for 120,000 tons of US soybeans to unknown buyers for the 2025/26 marketing year. For the week ending July 10, analysts expect export sales of between 200,000 and 600,000 tons for the current harvest and up to 900,000 tons for the new harvest. Demand for soybean meal remains solid with sales forecast between 200,000 and 700,000 tons. For soybean oil, up to 23,000 tons are expected. In China, soybean imports are expected to rise to 10.5 million tons in July, compared to 9.85 million tons in the previous year.
Weaker trends were seen on the canola market. At the ICE in Winnipeg, November futures fell by Can-$ 14.80 to Can-$ 676.00 per tonne.
