Soybean futures faced significant pressure on March 17, with contracts declining between 5 and 11¼ cents. Notably, May contracts dropped 64 cents over the week, closing at $11.61¼, while the average cash bean price fell 7 cents to $10.87½. The market’s downturn was influenced by soymeal futures, which also experienced a decline, and soy oil futures, which were mixed.
As of March 12, soybean export commitments were reported at 36.79 million metric tons (MMT), marking a 19% decrease from the previous year and currently at 86% of the USDA’s estimate for 2025/26. Soybean shipments totaled 28.055 MMT, accounting for 65% of USDA’s forecast, behind the average sales pace of 81%. Commitment of Traders data revealed that spec funds decreased their net long position in soybeans by 20,110 contracts, leaving a total of 201,997 contracts.
In terms of other market metrics, nearby cash prices were reported at $10.87½, while new crop cash prices stood at $10.79¼.
