Soybean Market Closes Steady Amid Mixed Export Data

USDA Reports Decline in Weekly Export Inspections

Soybeans started the day lower but managed to recover, closing with most contracts stable at the end of trading. The national front month Cash Bean price, according to CmdtyView, remained unchanged at $9.88 3/4. Soymeal futures decreased by $1.20 per ton, while Soy Oil futures dropped by 23 points.

Export Numbers Show Weakness Compared to Last Year

The USDA’s Weekly Export Inspections report revealed that 1.104 million metric tons (MMT), or 40.57 million bushels (mbu), of soybeans were shipped during the week ending February 6. This figure represents a 3.2% decline from the previous week and a notable 17.8% drop from the same week last year. China was the leading destination, taking in 554,661 MT, followed by Egypt with 159,855 MT and Germany at 68,656 MT.

Looking Ahead: WASDE Report Predictions

The monthly WASDE report is set to be released on Tuesday. Traders surveyed by Reuters anticipate a reduction of 6 mbu in ending stocks, bringing the total down to 374 mbu. Expectations for South American soybean production vary, with Brazil likely seeing an increase to 169.64 MMT, while Argentina is projected to decrease by 1.51 MMT to 50.49 MMT. Additionally, world stock estimates indicate a decrease of 0.58 MMT to 127.79 MMT.

Brazil’s Export and Harvest Updates

According to Brazil’s Trade Ministry, the country’s soybean exports for January were recorded at 1.072 MMT. This is a significant decline, down 62.43% from last year and a 46.5% drop from December’s figures. AgRural reports that Brazil’s soybean harvest is currently 15% complete, trailing last year’s pace of 23% at the same time.

Closing Prices for Soybeans

Mar 25 Soybeans closed at $10.49 1/2, unchanged.

Nearby Cash was also steady at $9.88 3/4, up 0 cents.

May 25 Soybeans closed at $10.65 1/2, unchanged.

Nov 25 Soybeans closed at $10.57 1/2, unchanged.

New Crop Cash was noted at $9.93 1/4, down 0 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 provided for informational purposes only. For more details, please review the Barchart Disclosure Policy
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