Soybean prices showed mixed results on Monday, with the cmdtyView national average cash bean price rising by 3/4 cent to $10.87 3/4. Soymeal futures decreased by up to 40 cents, while soy oil futures increased between 52 to 106 points. Export inspections data indicated that 586,427 metric tons (21.43 million bushels) of soybeans were shipped in the week ending March 26, marking a 28.3% decline from the previous week and a 47.4% drop year-over-year.
The upcoming NASS March Intentions report, due Tuesday, is expected to show soybean plantings of 85.55 million acres for the spring, a 4.33 million acre increase if realized. As of March 1, estimated soybean stocks are projected at 2.067 billion bushels, 158 million bushels higher than last year. Meanwhile, Brazil’s soybean harvest is reportedly 75% complete, with an estimated crop of 178.4 million metric tons, an increase of just 0.4 million metric tons from prior forecasts.
