Soybean prices are experiencing a decline of 7 to 8 cents in the nearby contracts as of Wednesday morning, with new crop down 2 cents. Despite this drop, futures closed Tuesday’s session with most contracts increasing by 9 to 10.5 cents. Notably, the cmdtyView national average cash bean price rose 2 cents to $10.82. Soymeal futures fell between 20 cents and $1.30, while soy oil futures saw an increase of 137 to 210 points.
In international trade news, the Brazilian soybean export estimate for March has been reduced to 16.32 million metric tons (MMT) from 16.47 MMT previously, with Brazilian officials planning to visit China next week to address sanitary complaints and negotiate an inspection framework. Meanwhile, EU soybean imports from July 1 to March 15 totaled 8.74 MMT, a decrease from 9.81 MMT during the same timeframe last year.
In political updates, President Trump announced the reset of the meeting with China, anticipated to occur in mid to late April, following indications that the meeting could be delayed.
