In Chicago, soybeans continued to lose ground. The July contract fell by 8.00 US cents and closed at 1,115.00 US cents per bushel. The November contract lost 4.50 US cents and ended at 1,134.00 US cents per bushel. The August contract also traded lower. Grain also fell slightly by 0.20 US cents to 301.70 US cents per bushel. The market was weighed down primarily by the latest USDA figures and higher harvest expectations in South America.
Weekly U.S. export sales reached 211,292 metric tons for the old crop, down from the previous week. For the new crop, 141,500 metric tons were reported, with a large portion going to unknown buyers. Soybean meal sales were in line with expectations.
In the latest WASDE report, the USDA left U.S. ending stocks for the old crop at 340 million bushels. The forecast for the new crop also remained unchanged at 310 million bushels. Market participants viewed the figures as neutral to slightly bearish overall.
International data added to the downward pressure. The USDA raised the Argentine soybean crop by 2 million tons to 50 million tons. At the same time, the global ending stocks for 2025/26 rose to 125.52 million tons. The analyst firm Datagro sees Brazilian production unchanged at 180 million tons, while Conab raised its estimate slightly to 180.25 million tons.
On the canola market, temporary gains evaporated. The July contract on the ICE lost 1.70 CAD/t to 765.30 CAD/t. Flooding in Manitoba and Saskatchewan initially supported prices but could not offset the bearish signals from Chicago. In Paris, however, the August rapeseed contract rose slightly by €0.50/t to €528.50/t.
