Soybean futures saw losses ranging from 4 to 7 cents early Wednesday, following a decline of 2 ¾ to 11 ¾ cents on Tuesday. As of May 3, 33% of the U.S. soybean crop was planted, significantly ahead of the 23% average for this time of year, according to the weekly Crop Progress report by NASS. Meanwhile, cash bean prices averaged $11.43, down 11 ¼ cents.
In March, U.S. soybean shipments totaled 3.949 million metric tons (145.11 million bushels), reflecting a 12.89% increase year-over-year, but a 5.87% decrease from February. Soymeal exports set a record at 1.882 million metric tons, while bean oil exports reached 70,776 metric tons. Crude oil prices dropped by $7.67 this morning amid ongoing negotiations between the U.S. and Iran regarding safe passage through the Strait of Hormuz.
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