Soybeans on the CBoT closed slightly weaker in the middle of the week. The May contract lost 1.00 US cent and was quoted at 1169.50 US cents/bushel. The March contract fell by 1.25 US cents to 1154.50 US cents/bushel. The later dates also trended slightly downwards. Soybean meal lost US$ 4.80 for May to US$ 309.90/short ton.
The market is now turning its attention to the USDA's weekly export figures. According to Reuters, traders expect net new sales of between 0.3 and 1.0 million tons of soybeans for the reporting week ending February 26. For the new harvest, only a small volume of up to 100,000 tons is expected so far. For soybean meal, analysts expect sales of between 200,000 and 550,000 tons. For soybean oil, expectations range from net cancellations of 20,000 tons to sales of 26,000 tons.
The development of by-products on the futures markets was mixed. Soybean meal fell significantly, while soybean oil was able to make gains in the front futures.
Internationally, the focus is on Canada. Canola futures on the ICE in Winnipeg ended volatile trading in positive territory. The May contract rose by Can $ 2.80 to Can $ 709.40/t. Support came from traders due to a compromise in the trade dispute with China, which raises hopes for stronger exports. At the same time, analysts expect the canola area to expand to 22.3 million acres in 2026 after 21.5 million acres in the previous year. On Euronext in Paris, however, rapeseed came under pressure. The May futures contract lost €3.50 and fell to €495.50 per tonne. Most recently, there have been international talks on how to ensure safe passage through the Strait of Hormuz. If this is successful, the oil price would quickly return to more moderate levels. However, it is still unclear how the situation on the ground will develop. Prices on the market for vegetable oils are reacting with corresponding volatility.
