On the CBoT, soybean futures trended sideways on Friday. The front month August contract closed unchanged at 961.75 US cents per bushel, but still down 37.00 US cents for the week. The November contract lost 31.75 US cents over the course of the week, but also ended trading unchanged at 989.25 US cents/bushel. Soybean meal was able to gain again with a plus of US$ 5.00 to US$ 270.90/short ton.
The USDA report on oilseed processing figures provided fundamental support: According to the report, 197.1 million bushels of soybeans were processed in June - a new record for the month and 7.44% more than in the previous year. However, the newly announced tariffs dampened traders' euphoria. Due to the reduction of the export tax in Argentina by President Milei, Argentina is also currently able to offer a good supply of soybean meal. China has again bought 30,000 tons, which indicates a stabilization of the trade relationship between the two countries.
The canola market in Winnipeg looked red on Friday. November futures lost Can-$ 12.90 on Friday and traded at Can-$ 682.50/ton. In addition to concerns about restricted global trade due to additional tariffs, the more aggressive pricing policy from Australia is also weighing on the minds of many traders. The ICE will be closed on Monday for the holiday. Rapeseed also recorded a drop and was €2.50 lower at €475.00/t at the close of trading on Euronext for November.
