Soybean Prices Decline Amid Reports of Export Sales
Soybeans are experiencing a downturn on Wednesday, with contracts dropping between 2 to 6 cents. CmdtyView’s front month Cash Bean price has decreased by 6 1/4 cents, currently sitting at $9.72 ¾. On the other hand, soymeal futures have fallen by $4.50 per ton, while soy oil futures have risen by 79 points so far today.
This morning, the USDA announced a private export sale of 135,000 metric tons (MT) of soybean meal intended for shipment to the Philippines in the 2024/25 marketing year.
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Weekly Export Sales data will be released on Thursday morning. Traders anticipate old crop soybean sales ranging from 250,000 to 800,000 MT for the week of March 27. New crop sales are projected between 0 and 50,000 MT. Additionally, estimates for soybean meal sales range from 100,000 to 300,000 MT, with commodity sales for soy oil between 5,000 and 40,000 MT.
In its monthly Fats & Oils report released Tuesday afternoon, the USDA indicated that 189.01 million bushels of soybeans were crushed in February. This figure slightly exceeded analyst expectations, but represented a 2.28% decline from last year’s totals for the same month and an 11.07% decrease compared to January. The report noted that soybean oil stocks were recorded at 1.924 billion pounds.
Current Soybean Prices:
May 25 Soybeans: $10.29, down 5 1/4 cents
Nearby Cash: $9.72 3/4, down 6 1/4 cents
Jul 25 Soybeans: $10.44 1/2, down 4 3/4 cents
Nov 25 Soybeans: $10.36 3/4, down 2 1/2 cents
New Crop Cash: $9.74 1/4, down 3 1/2 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 solely for informational purposes. For further information, please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
