Soybean Prices Decline Amid Declining Export Demand
Soybean prices are experiencing midday losses of 9 to 12 cents across most contracts, driven by weaker product demand. CmdtyView reports the national front month Cash Bean price has fallen 11 3/4 cents, now at $9.94 1/4. Additionally, soymeal futures have decreased by $1.30 per ton, while soy oil futures have slipped by 74 points.
Export Inspections Show Significant Declines
Export Inspections data revealed a total of 324,101 metric tons (11.91 million bushels) of soybeans shipped during the week of May 1. This figure marks a 29.2% decline from the previous week and is 9.5% lower than the same week last year. Mexico emerged as the largest importer, receiving 81,888 metric tons, followed by China with 68,099 metric tons and Japan with 58,091 metric tons. Cumulatively, marketing year exports since September 1 have reached 43.46 million metric tons (1.597 million bushels), reflecting an increase of 11.2% compared to the previous year.
Planting Progress and Speculative Activity
Analysts indicate that soybean planting is expected to be reported at 29% complete, with data to be released later this afternoon.
In the week ending April 29, speculators in soybean futures and options added 7,135 contracts to their net long position, bringing the total to 38,202 contracts as of Tuesday.
Current Soybean Prices
As of now:
- May 25 Soybeans: $10.38, down 10 3/4 cents
- Nearby Cash: $9.94 1/4, down 11 3/4 cents
- Jul 25 Soybeans: $10.46 3/4, down 11 1/4 cents
- Nov 25 Soybeans: $10.21 1/2, down 9 cents
- New Crop Cash: $9.58 1/4, down 10 1/2 cents
At the time of publication, Austin Schroeder did not hold any positions in the securities mentioned in this article. All information and data are presented solely for informational purposes. For further details, please view the Barchart Disclosure Policy.
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