USA: Soybeans have not been this cheap since November 2020

On Tuesday, the U.S. crop markets experienced a slight increase in wheat, corn, and soybeans, with canola showing a significant rise of 1.6 percent. However, the value of rapeseed in Europe decreased. The decline in soybean oil futures led to a drop in soybeans, although concerns about palm oil stocks from Malaysia may continue to impact the market. Despite the USDA report showing improvement in crop ratings, traders are cautious due to potential weather-related risks, including unrelenting heat in Russia's Black Sea region and suffocating heat in France, which could affect corn pollination. In Europe, mill wheat, corn, and feed wheat prices increased, while rapeseed saw a decrease.

Balanced trading in the United States, and more buyers in Europe, could be seen on Tuesday's trading day in the crop markets. In Chicago, wheat rose by 0.3 percent, corn by 0.1 percent, soybeans by 1.6 percent, and canola also by 1.6 percent less than the previous day. In Europe, the course of mill wheat, corn and fodder wheat also closed in surplus, but the value of rapeseed decreased. In America, soybeans followed a sharp drop in soybean oil futures on Tuesday. "The most active soybean deadline has fallen to its lowest level since November 2020 and may be showing signs of reaching a technical bottom," said Total Farm Marketing's Naomi Blohm. - However, this does not mean that a long-term rally will start soon on the soybean market. Any potential price correction rally could be another selling opportunity, all dependent on the August weather outlook.” The palm oil market closes lower in Malaysia, which has put pressure on U.S. soybean oil and this has spilled over into soybeans. ...