Soybean Prices Decline Amid Mixed Export Data
Market Reactions to USDA Reports and Mexican Demand
Soybeans faced a decline on Monday, with contracts ending with losses ranging from 8 to 11 cents. The cmdtyView national front month Cash Bean price dropped 9 cents to $9.72 1/2. Additionally, soymeal futures fell by $1.20 to $3.00 per ton, while Soy Oil futures decreased between 79 and 111 points at the market close.
Historically, the average closing price for November soybean futures has been $10.57. This figure marks an 98-cent drop compared to last February’s average, which was crucial for establishing crop insurance prices.
In its latest Export Inspections report, the USDA recorded February 20 weekly soybean shipments at 858,679 MT (31.55 million bushels). This is a 19% decline from the same week last year; however, it shows an 18.2% rebound from the previous week. Notably, China remains the largest importer, receiving 480,164 MT, while Mexico received 132,745 MT. Total soybean exports for the marketing year now stand at 36.876 MMT (1.354 billion bushels), reflecting an 11.3% increase from this time last year.
In Brazil, the soybean harvest is reported at 39% complete by AgRural, trailing last year’s pace by only 1 percentage point. The production estimate for the country has been revised down by 2.8 MMT to a total of 168.2 MMT.
Mar 25 Soybeans closed at $10.29, down 10 1/2 cents.
Nearby Cash was $9.72 1/2, down 9 cents.
May 25 Soybeans finished at $10.47 1/2, down 9 3/4 cents.
Nov 25 Soybeans closed at $10.51 3/4, declining by 8 cents.
New Crop Cash was at $9.87 1/2, down 9 cents.
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.
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