Soybean prices increased by 2 ¼ to 7 ¼ cents on Monday, with the cmdtyView national average cash price rising to $10.90 1/4. A private export sale of 161,120 metric tons of soybeans was reported to Mexico by the USDA. In the week of March 19, soybean export inspections showed shipments of 1.101 million metric tons, marking a 12.3% increase from the prior week and 32.1% higher than the same week last year. China was the largest destination, receiving 664,967 metric tons.
Meanwhile, President Trump announced via Truth Social on Monday that military strikes against Iranian power plants and energy infrastructure would be postponed for five days following productive weekend talks. In response, Iranian state media claimed there had been no direct contact with the U.S. Crude oil prices dropped by $9.36 on the same day.
As of Thursday, Brazil’s soybean harvest was reported at 68% complete, trailing behind last year’s pace of 80%, according to AgRural.
