The start of the week on the soybean market was characterized by price declines. August fell by 10 US cents to 988.75 US cents/bushel.
Soybean meal prices for the same month also recorded a loss of US$ 2.90 to US$ 264.90/short ton. Soybean oil, on the other hand, was firmer and rose by up to 27 points.
The latest figures from the US Department of Agriculture (USDA) show that the condition of US soybean stocks has improved. 70 % of stocks are now classified as good/excellent, which means an increase of 2 % and plays into the hands of the bears. The current warm and humid weather in the US growing region is ideal for the soybean plant.
The US export inspections for soybeans showed a volume of 409,714 tons in the week ending 24 July. This represents an increase of 8.7% compared to the previous week and is 0.3% higher than the comparable figure for 2024. The most important markets were Egypt, the Netherlands and Mexico. Cumulative annual exports currently stand at 47.2 million tons, up 10.4% on the same period last year. Nevertheless, this news could not provide enough support, as the stronger dollar is diminishing export prospects overall.
Internationally, Argentina caused a stir with a significant reduction in export taxes. President Milei announced that the tax rate for soybeans would be reduced from 33% to 26%. For soybean meal and soybean oil, the tax burden will fall from 31% to 24.5%.
Canola lost Can-$ 4.90 to Can-$ 695.90/t in Winnipeg for November. Precipitation is depressing sentiment in the dry growing regions. Rapeseed rose slightly by €0.75 to €486.50/t on Euronext for the heavily traded month of November.
