US soybeans came under renewed pressure on Tuesday, much to the delight of the bears. The front futures lost between 9 and 12 US cents, with the July contract closing at 1046.60 US cents/bushel. The main reason for the downward movement was the fall in crude oil prices by USD 3.50 per barrel, which put additional pressure on the soybean oil market. Prices for soybean oil fell by 96 to 114 points, while soybean meal also lost ground.
The weather also played a role: current forecasts show precipitation in large parts of the US growing region, which reduces the risk of yield losses. The latest USDA crop development data shows stable conditions with 66% good/excellent stands nationwide. However, regional variations are evident: while Indiana, Iowa, Missouri, Nebraska and North Dakota reported declines in ratings (up to -12 points), conditions improved in Minnesota and Ohio.
Internationally, export figures from Brazil attracted attention: according to ANEC, 14.99 million tons of soybeans are expected to be shipped in June - a slight increase on the previous estimate of 14.36 million tons.
Canola again came under heavy pressure on the ICE in Winnipeg. The July price fell by Can-$ 28.20 to just Can-$ 693.40 per tonne. Rapeseed also recorded a sharp drop on Euronext. August lost €14.25 to €484.75/t. The main reason for this development was the sharp fall in the price of crude oil. Trump's announcement of a ceasefire between Iran and Israel and the clarity with which he emphasized his position in his interviews give hope for a defusing of the conflict.
