Soybean Prices Drop Amid Declining Export Numbers

Soybean prices declined on Monday, with most contracts falling between 8 to 13 cents by the day’s end. CmdtyView reported the national front month Cash Bean price down 13 cents, now at $9.93. Additionally, soymeal futures decreased by $1.40 to $2.20 per ton, while Soy Oil futures fell between 42 to 71 points.

Export Data Reveals Weakness

Export Inspections data showed that a total of 324,101 metric tons (11.91 million bushels) of soybeans were shipped during the week ending May 1. This marked a significant drop of 29.2% compared to the previous week and a 9.5% decrease from the same week last year. Mexico emerged as the largest destination with 81,888 metric tons, followed by China with 68,099 metric tons and Japan at 58,091 metric tons. Overall, marketing year exports have accumulated to 43.46 million metric tons (1.597 million bushels) since September 1, representing an 11.2% increase over the same timeframe last year.

Planting Progress and Market Activity

As of Sunday, USDA reported soybean planting at 30% complete, surpassing the 23% average pace and the 24% completion from the same date last year. The crop stands at 7% emerged, which is 2 percentage points ahead of the average.

Market Closures

May 25 Soybeans closed at $10.38, reflecting a decline of 10 3/4 cents. Nearby Cash was reported at $9.93, down 13 cents. July 25 Soybeans settled at $10.45 1/2, down 12 1/2 cents, while November 25 Soybeans closed at $10.22 1/4, down 8 1/4 cents. New Crop Cash was quoted at $9.59 1/4, down 9 1/4 cents.

On the date of publication, Austin Schroeder did not hold any positions, directly or indirectly, in the securities mentioned in this article. All information provided is for informational purposes only. For more details, please view the Barchart Disclosure Policy here.

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