Soybean Market Hits New Lows Amid Dwindling Prices

Market Overview: Decline in Soybean Futures and Exports

On Tuesday, the soybean market faced significant challenges, with contracts closing 5 to 10 ½ cents lower, marking a concerning trend. CmdtyView’s national front month Cash Bean price fell by 5 ½ cents to settle at $9.27. In the soymeal sector, nearby contracts increased by 20 to 30 cents, while deferred contracts dropped by 10 to 30 cents. Soy Oil futures also saw declines, ranging from 68 to 112 points.

Weather Conditions Affecting Supply

Weather forecasts indicate that Brazil may receive rainfall through the year’s end, although rainfall in certain regions of Argentina remains inconsistent.

USDA Reports on Soybean Exports

This morning, the USDA announced a couple of private export sales: 187,000 MT of soybeans to Spain and 132,000 MT to unidentified buyers, both slated for shipment in the 2024/25 season. Meanwhile, Brazil’s soybean exports for December are projected to reach 1.62 MMT, slightly above earlier estimates. Notably, the Brazilian real has hit an all-time low against the US dollar.

Market Prices Snapshot

Jan 25 Soybeans closed at $9.76 3/4, down 5 1/4 cents.

Nearby Cash was priced at $9.27, marking a drop of 5 ½ cents.

Mar 25 Soybeans settled at $9.78 3/4, declining by 7 1/4 cents.

Jul 25 Soybeans ended at $9.97 1/2, down 9 3/4 cents.

On the date of publication, Austin Schroeder did not hold any positions in the securities mentioned in this article. All information and data presented are purely for informational purposes. For further details, please refer to 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.