Soybean Market Update: Small Declines Amid Market Pressures

Pressure from Byproducts and Crop Progress Report Influence Prices

Soybeans are currently trading with contracts down slightly by 2 cents, facing pressure from related products. On Tuesday, these contracts saw a decline ranging from 8 ¼ to 13 ¾ cents. According to CmdtyView, the national front month Cash Bean price has dropped 3 cents to $9.55. Additionally, soymeal futures decreased by $1.80 per ton, while soy oil futures also saw losses, down 100 points.

Lee Zeldin, who has been nominated by President-elect Trump for the EPA position, has demonstrated a history of opposition to Renewable Fuel Standard (RFS) policies. This could explain some of the downward pressure on bean oil prices this week.

Soaring Crop Completion Rates Signal End of Season

According to Tuesday afternoon’s Crop Progress report, the U.S. soybean crop is now 96% complete as of Sunday, exceeding the average pace of 91% for this time of year. This marks the final national update on soybean crops for the growing season.

Chinese Imports Anticipated to Decline

In global market news, China’s COFCO predicts a decline in Chinese soybean imports for the 2024/25 marketing year, forecasting a drop of 9.5% to 98.8 million metric tons (MMT).

Current Soybean Prices

Nov 24 Soybeans are currently valued at $10.03, down ½ cent.

Nearby Cash is priced at $9.55, reflecting a decrease of 3 cents.

Jan 25 Soybeans are trading at $10.07 ¼, down 3 ¼ cents.

May 25 Soybeans are at $10.30 ¼, down 5 cents.

On the date of publication, Austin Schroeder did not hold any positions, either directly or indirectly, in any of the securities mentioned in this article. All information and data in this article are provided solely for informational purposes. For more 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.