Soybean Market Sees Declines Amid Mixed Futures Performance

The soybean market ended Tuesday with losses ranging from 9 to 11 cents. CmdtyView reported the national front month Cash Bean price dropped by 10 1/2 cents, settling at $9.95 1/4. In contrast, soymeal futures increased by 70 cents to $3.50 per ton, while soy oil futures decreased by 94 to 113 points.

This morning, the USDA announced a private export sale of 110,000 metric tons of soybeans to an unknown buyer for the 2024/25 season.

Current Planting Status and International Market Trends

As of Sunday, the U.S. soybean crop is reported to be 18% planted, outpacing the 5-year average of 12%. Among the 18 states monitored by the USDA, only Kentucky is falling behind the usual pace. The others are at or above average planting levels.

On the international front, Argentina’s agricultural ministry noted that producer soybean sales are at their slowest in 11 years. Farmers are holding onto their crops amid uncertainty regarding the country’s currency exchange rate and a slower harvest.

Closing Prices for Soybeans

May 25 Soybeans closed at $10.41, down 11 cents.

Nearby Cash was $9.95 1/4, down 10 1/4 cents.

Jul 25 Soybeans ended at $10.52 3/4, down 9 3/4 cents.

Nov 25 Soybeans closed at $10.25 1/4, down 9 1/2 cents.

New Crop Cash was recorded at $9.64 3/4, down 9 3/4 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 are intended solely for informational purposes. For more details, please view the Barchart Disclosure Policy here.

The views and opinions expressed herein reflect those of the author and do not necessarily represent those of Nasdaq, Inc.