Soybean Market Sees Decline Amid Pressure and Export Updates
Future Contracts Dip as Cash Prices Follow Suit
Soybeans faced selling pressure on Tuesday, with contracts decreasing by 8 ¼ to 13 ¾ cents. CmdtyView reported the national front month Cash Bean price fell by 11 cents to reach $9.57 3/4. Soymeal futures dropped between $1.20 and $2.20 per ton. Moreover, Soy Oil futures plummeted, losing between 151 to 191 points. Analysts pointed to President-elect Trump’s selection of Lee Zeldin as the head of the EPA as a factor contributing to the decline in bean oil prices.
US Crop Progress Report Signals Strong Soybean Completion
This afternoon’s Crop Progress report revealed that the U.S. soybean harvest was 96% complete by Sunday, outpacing the average of 91% for this time of year. This marks the final national update on soybean crop progress for the season.
Export Inspections Show Mixed Results
According to Export Inspections data, the U.S. shipped 2.278 million metric tons (MMT), or 83.7 million bushels (mbu), of soybeans during the week of November 7. While this figure represents a 1.3% decrease from the previous week, it is 13.3% higher than the same week last year. Of the total, 1.588 MMT was destined for China, with additional shipments of 174,913 MT to Egypt and 158,886 MT to Vietnam. Cumulatively, marketing year shipments have reached 15.228 MMT (559.5 mbu), reflecting a 5.9% increase compared to the previous year.
Brazil’s Export Forecast Shows Growth
Estimates from ANEC project Brazilian exports in November at 2.81 MMT, an increase of 0.36 MMT from prior week forecasts.
Current Soybean Prices
Nov 24 Soybeans closed at $10.03 1/2, down 8 1/4 cents.
Nearby Cash was at $9.57 3/4, down 11 cents.
Jan 25 Soybeans closed at $10.10 1/2, down 11 3/4 cents.
May 25 Soybeans closed at $10.35 1/4, down 13 1/2 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 herein are provided solely for informational purposes. For additional details, please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
