The soybean markets were weaker at the start of the week. Prices on the CBOT fell slightly on Monday: July futures fell to USD 997/bushel, while new crop November futures closed almost unchanged at USD 1,007/bushel. The market reacted to weaker export figures and stable US stocks.
According to the USDA, only 147,045 tons of soybeans were exported in the week to 10 July - a drop of 63% compared to the previous week and around 16% below the previous year's level. The largest buyer was Mexico. Since the beginning of the marketing year, US soybean exports have totalled 46.4 million tons, an increase of 10.4% compared to the previous year.
Fundamentally, US stocks have remained stable. According to the USDA, 70% of soybeans were rated as "good to very good" - an increase of 4 percentage points compared to the previous week. 47% of the plants were already in bloom, which corresponds to the five-year average.
Prices for soybean meal fell by USD 1.50 to 2.60/t over the course of the day, while soybean oil gained between 25 and 42 points. Market participants are also eagerly awaiting the latest NOPA figures on US soybean processing in June, which suggest an all-time record.
In the rapeseed segment, the Winnipeg exchange (ICE CA) was slightly weaker. The most traded November 25 contract fell by CAD 0.10 to CAD 682.60/t. The following contracts also recorded losses of between CAD 0.10 and CAD 1.30.
Political uncertainties also remain a determining factor in the soybean market: US President Trump announced punitive tariffs of 30% on imports from the EU and Mexico over the weekend. He also threatened secondary sanctions against Russia and its trading partners on Monday.
