The US soybean markets ended trading on Wednesday with losses. On the Chicago Mercantile Exchange, September futures fell by 6.00 US cents to close at 965.50 US cents/bushel. The same month, soybean meal was down US$4.39 to US$272.60/short ton.
Weekly US sales figures, expected today on Thursday, are forecast to be between 100,000 and 300,000 tons for the 2024/25 marketing season. The market was also impacted by solid weather conditions for Midwest crops. Temperatures are expected to rise in the central and eastern Corn Belt region, while precipitation is expected to be sporadic through the weekend. Up to 50 mm of rain is then expected in isolated areas next week.
According to the Ministry of Trade, Brazil exported 12.257 million tons of soybeans in July. The volume was 9 percent above the previous year's figure, but also fell by around 9 percent compared to June.
On the canola market in Winnipeg, November futures came under pressure and lost Can-$ 2.50 to Can-$ 669.70 per tonne. The decisive factor was rainfall in parts of the Canadian prairies, which could provide relief in previously dry growing areas.
In Europe, rapeseed also moved southwards, mainly due to the progress of the harvest. November lost €5.75 to €469.75 per tonne.
