Soybean Market Faces Midweek Decline
On Wednesday, the soybean complex is experiencing a downward trend. Midday reports show contracts down by 4 to 5 cents. The national front month Cash Bean price, according to cmdtyView, has dropped by 4 1/4 cents to $9.73. Meanwhile, Soymeal futures have increased by $0.80 per ton, but Soy Oil futures have decreased by 106 points during the session.
November Futures and Historical Context
As of now, the average closing price for November soybean futures stands at $10.57 for the month. This average is significant as it will influence the base crop insurance price; for reference, it was $11.55 last year during February.
Brazil’s Crop Update
In notable developments, Brazil’s AgroConsult has revised their soybean crop estimate, reducing it by 1.1 million metric tons (MMT) to a total of 172.4 MMT.
Current Market Prices
Mar 25 Soybeans are trading at $10.34, down 4 1/2 cents. Nearby Cash is currently at $9.73, marking a decrease of 4 1/4 cents. May 25 Soybeans are listed at $10.50 1/2, down 5 cents, while Nov 25 Soybeans sit at $10.53, also down 5 cents.
New Crop Cash now stands at $9.89, down 5 cents.
At the time of publication, Austin Schroeder did not hold any positions in the securities mentioned in this article. The information provided is strictly for informational purposes. For further details, please consult the Barchart Disclosure Policy
here.
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The views expressed in this article are those of the author and do not necessarily reflect the views of Nasdaq, Inc.
