The soybean market failed to find a consistent direction on Tuesday, with the front months taking over from the bulls and providing slight gains. Soybean meal futures also rose marginally during the day, while soybean oil futures fell during the day. Meanwhile, news came from Brazil that the Brazilian soybean harvest is 36.4% complete according to CONAB. This is below the previous year's harvest rate of 38%. According to ANEC estimates, soybean exports in February are estimated at 9.35 million tons, which is below the previous estimate of 9.72 million tons.
Rapeseed contracts on Euronext in Paris were able to turn the tide and ended trading with slight gains. The EU member states have imported 4.23 million tons of rapeseed and canola so far this season, compared to 3.87 million tons in the previous year. However, market participants pointed out that the data was not yet complete.
