Soybean Market Faces Decline Amid Harvest Progress and South American Rains

On Tuesday, soybean contracts faced downward pressure, with prices falling 3 ¼ to 8 ¾ cents across the board. CmdtyView’s national front month cash bean price declined by 6 3/4 cents to $9.12. In the same session, soymeal futures dropped by 70 cents, standing at $3 per ton, while soy oil experienced a slight recovery, gaining between 4 to 13 points.

Harvest Update: US Soybean Progress Surpassing Average

The US soybean harvest is progressing well, with data showing it 89% complete as of Sunday. This figure is notably 11% ahead of the five-year average of 78%. Reports from the USDA across the 18 major states indicate harvesting is running at a faster pace than usual.

Export Projections and Weather Impact

Weather patterns in South America have added some downward pressure on prices, with rain in the forecast. Brazil’s soybean export estimates for October stand at 4.58 million metric tons (MMT), according to ANEC. This figure is slightly down by 0.05 MMT from last week’s estimate and significantly lower than last year’s total of 5.53 MMT.

Nov 24 Soybeans closed at $9.65 1/4, a decrease of 8 3/4 cents. Nearby Cash was recorded at $9.12, dipping 6 3/4 cents. Jan 25 Soybeans ended at $9.79, down by 7 cents.

May 25 Soybeans closed at $10.09 3/4, reflecting a decline of 4 cents.

On the date of publication, Austin Schroeder did not hold (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data provided are for informational purposes only. For more information, please view the Barchart Disclosure Policy here.

The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Nasdaq, Inc.