Soybean Market Experiences Mixed Movements Amid Export Adjustments

Soybean prices showed mixed trends on Monday during midday trading. The new crop saw an increase of 3 ½ cents, while nearby contracts dropped by 1 ½ cents. CmdtyView reported the national front month Cash Bean price fell by 1 ½ cents to $9.88 1/4. Additionally, soymeal futures decreased by $3.30 per ton, and Soy Oil futures were down by 71 points.

Export Inspection Data Reveals Shipment Variability

The latest Weekly Export Inspections data revealed soybean shipments at 546,348 metric tons (20.08 million bushels) for the week ending April 10. This figure represents a 32.9% decline from the previous week but is 22.1% higher than shipments during the same week last year. Notably, despite ongoing tariffs, China was the leading importer with 135,021 metric tons, followed by Germany at 127,122 metric tons, Vietnam with 77,081 metric tons, and Mexico at 73,147 metric tons. Cumulatively this marketing year, soybean shipments stand at 41.111 million metric tons (1.55 billion bushels), reflecting a 10.8% increase from the same week last year.

Upcoming Reports and Market Expectations

NOPA data will be unveiled on Tuesday. Analysts anticipate March crush totals to reach 197.6 million bushels, marginally surpassing the totals for March 2024. In addition, soybean oil stocks are expected to be around 1.617 billion pounds.

Commitment of Traders Data Insight

Commitment of Traders data indicated that speculators added 20,600 contracts to their soybean futures and options positions, reaching a total of 50,477 contracts as of Tuesday. Meanwhile, commercial traders reduced their net shorts by 21,775 contracts, bringing their total to 81,365 contracts.

China’s Import Statistics

In March, China’s soybean imports totaled only 3.5 million metric tons, marking a significant decline of 36.8% year-over-year. For the first quarter, the imports decreased by 7.9% compared to last year, totaling 17.11 million metric tons.

Current Soybean Prices Snapshot

May 25 Soybeans are currently priced at $10.41 1/4, a decline of 1 ½ cents.

Nearby Cash is at $9.88 1/4, down 1 ½ cents.

Jul 25 Soybeans are valued at $10.50 1/2, down 2 ½ cents.

Nov 25 Soybeans are at $10.29, an increase of 3 ½ cents.

New Crop Cash is listed at $9.67 1/4, up by 3 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 contained in this article are intended solely for informational purposes. For detailed information, please refer to the Barchart Disclosure Policy
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