The soybean market was weaker on Tuesday. On the Chicago exchange, contracts fell by 3 to 10.25 US cents. Futures for soybean meal also recorded losses of between US$ 1.30 and US$ 1.90/short ton. In contrast, soybean oil held its ground and gained between 4 and 18 points.
On the demand side, the USDA reported the sale of 144,000 tons of soybean meal to the Philippines. This is seen as a positive sign for export demand and has a supporting effect on the price.
As part of the weekly Crop Progress report, the USDA stated that the assessment of stocks is stable at 66% good to excellent condition. Nevertheless, the reported precipitation is having a negative impact on the mood of traders. Higher yields are expected due to the good weather conditions.
At an international level, the EU Commission expects soybean imports of 14.52 million tons for the current 2024/25 marketing year. This would be an increase compared to the previous year, when 13.2 million tons were imported.
Canola prices in Winnipeg fell by Can-$ 7.30 to Can$ 704.10 per tonne. Prices have been very volatile recently, as political uncertainties between the USA and Canada and extreme drought in the region led to uncertainty among traders.
On Euronext, rapeseed lost €2.25 to €466.25 per tonne for the month of August.
