In Chicago, soybeans lost 4.25 US cents in March and closed at 1,133.00 US cents/bushel. The May contract fell by 3.75 US cents to 1,148.50 US cents/bushel. Soybean meal gained US$4.90 to US$307.90/short ton for March.
From a trader's point of view, the pace of exports is having a particularly negative impact. US export commitments total 34.572 million tons, 20 per cent below the previous year. At 81 percent of the USDA target, sales are clearly lagging behind the five-year average of 89 percent. This sends a bearish signal to a market that relies on continuous demand.
Processing, on the other hand, provided slight support. Soybean meal rose, while soybean oil fell. On Tuesday, the focus will be on the NOPA figures for the January estimate.
Internationally, weaker competition reinforced the subdued mood. In Winnipeg, the March canola contract fell by Can-$ 4.30 to Can-$ 663.50/t. On Euronext, March rapeseed lost €2.75/t to €485.25/t.
