The soybean markets had a weak start to the week. Futures prices fell significantly on Monday: The November contract on the CBoT fell by 28.50 US cents to 1020.75 US cents/bushel.
The price declines were accompanied by losses in soybean meal and soybean oil, which fell by up to US$6.30/ton short and 82 points respectively. Despite the weaker prices, there was positive export momentum: according to the USDA, around 389,364 tons of soybeans were shipped in the week to 3 July, an increase of 64.5% compared to the previous week.
Egypt, Indonesia and Mexico were among the largest buyers. Exports so far in the current marketing year total 46.25 million tons - 10.5% more than in the previous year. The stock data for the US harvest shows stable conditions: 66% of stocks were rated as good/excellent.
However, US President Trump's announcement to increase import tariffs on goods from Indonesia to 32% from August 1 - despite a previously reported agreement to purchase US agricultural goods worth USD 34 billion - had a negative political impact. Rainfall is expected in the US Midwest in the coming days, which could also have a dampening effect on prices.
Canola lost Can-$ 22.90 on the Winnipeg for July and stood at Can-$ 686.30/t at the close of trading. Rapeseed also fell. On Euronext, August recorded another loss of €1.50 to €464.00/t.
