Soybean Market Updates: Price Movements and Export Data

The soybean market is currently trading with contracts 2 to 3 cents below unchanged levels. On Tuesday, soybeans experienced strength, with contracts steady to as much as 3 cents higher in various months. Preliminary open interest increased by 8,893 contracts on Tuesday. The cmdtyView Cash Bean price rose by 3 3/4 cents to $10.15. Soymeal futures fluctuated, rising a dime to 40 cents per ton lower on the day, while Soy Oil futures gained 4 to 25 points.

Export Inspections Data

Weekly Export Inspections reported soybean shipments at 194,904 metric tons (7.16 million bushels) for the week ending May 22. This figure represents a decline of 12.6% from the previous week and is 13.5% lower than the same week last year. The largest shipment destination was Egypt at 53,244 metric tons, followed by Mexico at 51,539 metric tons. Year-to-date shipments total 44.34 million metric tons (1.629 billion bushels), showing an 11% increase compared to last year at this time.

Crop Progress Update

As of Sunday, Crop Progress data indicated that 76% of the soybean crop is planted, exceeding the average pace of 68%, but falling short of the average trade estimate of 77%. Fifty percent of the crop has emerged, faster than the 40% average. Condition reports are set to be released next Monday.

Current Soybean Prices

Jul 25 Soybeans closed at $10.62 1/2, up 2 1/4 cents but currently 2 1/2 cents lower. Nearby Cash was $10.15, reflecting an increase of 3 3/4 cents.

Aug 25 Soybeans closed at $10.58, up 2 cents, but are down 2 cents currently. Nov 25 Soybeans closed at $10.50 3/4, gaining 1/4 cent but are now down 2 1/2 cents. New Crop Cash rose by 3/4 cent to $9.88 1/4.

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any securities mentioned in this article. All information and data 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 those of Nasdaq, Inc.