US soybeans were able to defend their gains in the middle of the week. In Chicago, March beans rose by 1.50 US cents to 1,124.00 US cents/bushel. The May contract rose by 2.00 US cents and closed at 1,139.50 US cents/bushel. The other futures were also firmer. While soybean meal for March rose significantly by US$ 2.20 to US$ 303.00/short ton, soybean oil came under pressure.
The market is now turning its attention to the upcoming USDA export figures. For the week ending February 5, traders expect old crop sales of between 0.3 and 1.1 million tons. Up to 100,000 tons are estimated for 2026/27. For meal, traders expect 200,000 to 450,000 tons, while for oil, the range extends from net cancellations to 16,000 tons of sales. Nervousness is correspondingly high, as robust figures would underpin the recent stabilization.
Mixed signals are coming from South America. The grain exchange in Rosario raised its forecast for the Argentine soybean harvest to 48 million tons, an increase of 1 million tons. This tends to have a bearish effect. New figures from the Brazilian CONAB are expected shortly.
On the oilseed market, canola was mixed in Winnipeg, with the March contract falling by Can-$ 4.60 to Can-$ 662.70 per tonne. Rapeseed on Euronext also fell, losing €0.75 to €487.00/t in May.
