Soybean Prices Decline Following USDA Reports and Planting Intentions

Soybean contracts faced pressure after the USDA released its reports this morning, with prices closing down by 4 ¾ to 9 ¾ cents. CmdtyView reported that the national front month Cash Bean price decreased by 9 3/4 cents, settling at $9.56 ¼. Additionally, Soymeal futures fell by 80 cents to $3.20 per ton, while Soy Oil futures declined between 4 to 29 points at the day’s close.

USDA Reports Show Planting Intentions and Stocks

The latest Prospective Plantings report indicated that producers intend to plant 83.495 million acres of soybeans this spring. This figure falls short of average trade estimates but remains within the predicted range of 82.5 to 85.5 million acres. Should these intentions materialize, it would represent a decrease of 3.555 million acres from the previous year. The March 1 soybean stocks were recorded at 1.91 billion bushels, slightly exceeding trade estimates, and 65 million bushels higher than the same period last year.

Export Data Shows Mixed Results

USDA’s Weekly Export Inspections data revealed a total of 793,250 metric tons (29.15 million bushels) of soybean shipments for the week ending March 27. This marks a 7.5% decrease from the prior week but is 54.1% higher than the same week last year. China remained the leading destination, importing 622,005 metric tons, which accounted for 78.4% of total exports. Cumulatively, marketing year shipments have reached 40.731 MMT (1.497 billion bushels), showing a 9.8% increase compared to the same week in 2024.

Upcoming Reports and Brazilian Harvest Progress

Analysts are anticipating the monthly Fat & Oils report on Tuesday, estimating approximately 189 million bushels of soybeans crushed in February. Meanwhile, AgRural reported that as of March 27, Brazil’s soybean harvest was 82% complete, outpacing the 74% completion rate from the same time last year.

Recent Soybean Prices

May 25 Soybeans closed at $10.14 3/4, down 8 1/4 cents.

Nearby Cash fell to $9.56 1/4, down 9 3/4 cents.

Jul 25 Soybeans ended the day at $10.28 1/4, down 9 cents.

Nov 25 Soybeans closed at $10.19 1/4, down 9 3/4 cents.

New Crop Cash closed at $9.55 1/1, down 10 1/4 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 for informational purposes only. For more information, please view the Barchart Disclosure Policy here.

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