Soybean prices fell on Tuesday, with contracts decreasing by 3 to 6.5 cents, and the national average cash bean price dropping 4.25 cents to $10.91. Soymeal futures were down 20 cents to $2.20, while Soy Oil futures declined by 6 to 61 points.
As of the latest crop progress report, 6% of the U.S. soybean crop is planted, exceeding last year’s 2% and the 5-year average. Only Iowa lagged behind the average among the 18 major soybean-producing states. Traders anticipate NOPA data on Wednesday, projecting 229.98 million bushels of soybeans crushed in March.
In Brazil, the soybean crop is estimated at 179.15 million metric tons, a 1.3 million increase from March, with yields at a record 54.96 bushels per acre. China’s March soybean imports reached 4.02 million metric tons, marking a 14.9% increase year-over-year.
