Soybean Prices Decline Amid Sluggish Market and Planting Progress
The soybean market is experiencing a dip today, with prices falling 7 to 12 cents, primarily driven by a decrease in bean oil prices. According to CmdtyView, the national front month Cash Bean price is down 10 1/2 cents, now at $9.95 1/4. In contrast, soymeal futures have risen by $4 per ton, while soy oil futures fell by 115 points.
USDA Announces Export Sale
This morning, the USDA reported a private export sale of 110,000 metric tons of soybeans to an undisclosed destination for the 2024/25 marketing year.
Planting Progress Ahead of Average
As of Sunday, the US soybean crop was 18% planted, marking a 10 percentage point increase from the previous week. This pace is notably ahead of the five-year average of 12%. Among the 18 states reported by USDA, Kentucky is the only state lagging behind the normal planting rate, while others are on or above target.
Current Soybean Futures Prices
- May 25 Soybeans: $10.40 3/4, down 11 1/4 cents
- Nearby Cash: $9.95 1/4, down 10 1/2 cents
- Jul 25 Soybeans: $10.52 1/2, down 10 cents
- Nov 25 Soybeans: $10.25, down 9 3/4 cents
- New Crop Cash: $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 for informational purposes only. For more information, please view the Barchart Disclosure Policy here.
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