The US agricultural markets were friendly in the middle of the week. In Chicago, the soybean contract for March was up 13.25 US cents at 1200.50 US cents/bushel. The May contract also rose and closed 12.25 US cents higher at 1214.00 US cents/bushel. The July futures also trended firmer and gained around 12 US cents. May meal gained US$ 0.90 to US$ 315.40/short ton.
The vegetable oil complex had a particularly supportive effect. Soybean oil futures rose significantly and received an additional boost from speculation about biofuel policy in the USA. Market participants report that the mandatory blending volume for renewable fuels could be around 5.4 billion gallons this year. The official announcement of the RVO figures is expected later this month. The energy market also provided a tailwind. Crude oil rose sharply as the situation surrounding Iran continues to deteriorate.
Traders are now eagerly awaiting the USDA's weekly export figures. For the week ending March 3, market participants expect sales of 250,000 to 800,000 tons of soybeans from the 2025/26 harvest, with only a small volume of up to 100,000 tons expected for new crops. For soybean oil, traders expect export sales of between 150,000 and 400,000 tons.
The international oilseed market also showed strength. In Winnipeg, canola futures for May gained Can-$ 2.30 and closed at Can-$ 735.60/t. On Euronext in Paris, the rapeseed market largely made up for the previous day's losses. The May contract rose by €11.25 and ended trading at €512.25/t.
