Soybean Market Experiences Midday Losses Amid Stable Exports

The soybean market is trading with losses of 5 to 7 cents in most contracts at midday on Friday. CmdtyView’s national front month Cash Bean price has decreased by 6 3/4 cents, settling at $9.45 ½. However, soymeal futures increased by $1.70 per ton, while soy oil futures fell by 64 points on the day.

Export Sales Insights

The USDA’s Export Sales report revealed soybean sales of just 352,580 MT for the 2024/25 period during the week of March 13. Overall, soybean export commitments this season reached 45.422 MMT, marking a 13% increase compared to the same time last year. This total represents 91% of the USDA’s soybean export forecast, in line with the five-year average sales pace of 92% for this period.

Argentina’s Production Update

According to data from the Buenos Aires Grains Exchange released on Thursday, the Argentine soybean crop was revised down by 1 MMT, now totaling 48.6 MMT. They indicated that the crop is rated 29% as excellent, which is an increase of 5% from the previous week, while the poor rating has decreased by 6%.

Current Soybean Prices

May 25 Soybeans are priced at $10.06 1/4, down 6 3/4 cents. Nearby Cash sits at $9.45 1/2, also down 6 3/4 cents. Jul 25 Soybeans are currently at $10.19, down 6 1/4 cents.

Nov 25 Soybeans have a price of $10.04 3/4, showing a decrease of 5 1/2 cents, and New Crop Cash is at $9.41 1/2, down 5 3/4 cents.

On the date of publication, Austin Schroeder did not hold (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are strictly for informational purposes. For more details, please view the Barchart Disclosure Policy here.

The views and opinions expressed herein are those of the author and do not necessarily reflect the opinions of Nasdaq, Inc.