Soybean Prices Decline Amid Tariff Announcements and Export Data
Soybeans ended Thursday’s trading session down by 18 to 20 cents after a significant gap lower at market open. According to CmdtyView, the national front month Cash Bean price decreased by 17 3/4 cents, reaching $9.54 1/4. In related markets, soymeal futures rose by 40 cents to $2.40 per ton, while soy oil futures saw declines ranging from 109 to 144 points.
Tariff Developments and Market Reactions
On Thursday, President Trump unveiled new reciprocal tariffs on China at 34% (54% when including earlier tariffs from this year) and 20% on the EU. These tariffs are scheduled to take effect on April 9. As of Thursday’s close, there has been little indication from either nation regarding any potential retaliatory measures.
Export Sales Report Highlights
This morning’s Weekly Export Sales data revealed that the FAS report recorded 410,172 metric tons (MT) in old crop soybean sales for the week ending on March 27, landing in the middle of trade expectations which ranged from 250,000 to 800,000 MT. This marks a three-week high and is three times the sales total from the same week last year. China was the primary buyer, purchasing 285,900 MT, with 264,000 MT converted from unknown sources. Taiwan contributed with an additional purchase of 73,100 MT. Sales for the new crop were notably low at just 3,274 MT, which fell below the expectations of 0-50,000 MT.
In terms of soybean meal sales, the total came in at 93,497 MT, which was below the anticipated range of 100,000 to 300,000 MT. Soybean oil sales were reported at 13,842 MT, marking a seven-week low and falling at the lower end of the expected figures of 5,000 to 40,000 MT.
Census Trade Data Insights
The census trade data released today indicated that February exports of soybeans totaled 3.07 million metric tons (MMT) or 112.66 million bushels (bbu), reflecting a 41.17% decrease from January and a 41.75% decline from the previous year—representing the lowest February total since 2020. Cumulatively, marketing year shipments have reached 1.415 billion bushels. In February, soybean meal exports amounted to 1.125 MMT, down 17.64% year-over-year. Conversely, bean oil shipments surpassed last year’s figures at 136,250 MT.
Market Prices Summary
May 25 Soybeans closed at $10.11 1/2, down 18 cents.
Nearby Cash was priced at $9.55 1/4, down 17 3/4 cents.
Jul 25 Soybeans ended at $10.26 1/4, down 18 3/4 cents.
Nov 25 Soybeans closed at $10.17, down 20 1/4 cents.
New Crop Cash was quoted at $9.54 1/2, down 20 1/2 cents.
On the date of publication, Austin Schroeder did not hold positions in any of the securities mentioned in this article. All information and data provided are for informational purposes only. For more details, please refer to the Barchart Disclosure Policy.
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