Soybean futures are experiencing significant losses, down between 11 to 32 cents as of this morning. The cmdtyView national average cash price for soybeans dropped by 2 cents to $11.50 1/4, while soybean export commitments are reported at 36.49 million metric tons (MMT) as of March 5, reflecting a 19% decrease compared to last year. The current soybean shipments total 27.15 MMT, which is 63% of the U.S. Department of Agriculture’s estimate for the season.
This weekend, U.S. Treasury Secretary Bessent met with Chinese officials in Paris to prepare for a meeting between President Trump and President Xi later this month. Discussions included China’s willingness to increase purchases of U.S. agricultural goods. However, President Trump indicated a potential delay in their meeting.
Meanwhile, Brazil’s soybean harvest is reported to be 61% complete, trailing behind last year’s pace of 70%. Weekly Commitment of Traders (CFTC) data showed that managed money’s net long position in soybean futures and options increased by 23,205 contracts, totaling 222,107 contracts.
