Soybean futures are experiencing a decline of 5 to 7 cents on Monday morning, following strong gains over the weekend. On Friday, May futures rose by 17.5 cents weekly, with new crop contracts also showing an increase. The average national cash price for soybeans is now at $10.94, a rise of 9.25 cents. Additionally, preliminary open interest increased by 3,261 contracts.
The USDA reported a significant decline in soybean export commitments for the week of February 19, totaling 35.65 million metric tons (MMT), down 19% year-on-year. This figure represents 83% of the USDA’s export estimate, trailing the 91% average pace. Meanwhile, AgRural announced that Brazil’s soybean crop is 39% harvested, a decrease from 50% at this time last year, with a revised output estimate of 178 MMT.
