Soybean Prices Decline Ahead of Monthly Estimates

Soybeans are experiencing a downward trend on Wednesday afternoon, with losses between 9 to 12 cents. As of Tuesday evening, May open interest stood at just 5,160 contracts, with 3 deliveries registered overnight. CmdtyView reports a national front month cash bean price down by 10 ¾ cents, now at $9.85 1/2. Soymeal futures have decreased by 70 cents per ton, while soy oil futures have fallen by another 65 points. Notably, May soybean meal saw 629 deliveries overnight, along with 852 contracts for May bean oil.

As we approach the end of the month, market pressure is evident. Parts of the Midwest are expected to experience limited precipitation for much of the upcoming week, although heavier totals are anticipated in parts of Illinois. This weather pattern will likely facilitate planting ahead of the usual schedule.

A recent Bloomberg survey of analysts estimates that March soybean crush could reach 205.9 million bushels, marking a 1.2% increase from last year if this figure holds true. The report will be published Thursday afternoon.

Current Soybean Market Prices

May 25 Soybeans are currently priced at $10.31 1/4, reflecting a decrease of 9 3/4 cents.

Nearby Cash stands at $9.85 1/2, down 10 3/4 cents.

July 25 Soybeans are at $10.41 1/4, down 11 1/2 cents.

November 25 Soybeans are priced at $10.15 3/4, down 9 1/2 cents.

New Crop Cash is at $9.54 3/4, reflecting a dip of 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 details, please refer to the Barchart Disclosure Policy.

 

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