Soybean Market Update: Prices Decline Amid Strong Export Data

Soybeans are trading lower at midday on Tuesday, with contracts down 4 to 7 cents. CmdtyView reports a national front month Cash Bean price at $9.86, a decrease of 7 cents. Soymeal futures have dropped by $1.70 per ton, while Soy Oil futures fell by an additional 31 points.

Current Planting Progress

As of Sunday, USDA data indicates soybean planting is 30% complete, ahead of the 23% average pace and the 24% completion rate from the same time last year. Notably, Illinois is the only state among the 18 studied to lag behind its average planting pace. Currently, 7% of the U.S. crop has emerged, which is 2 percentage points faster than the average.

Export Statistics

Latest census data reveals soybean exports for March were at 3.498 million metric tons (MMT), or 128.54 million bushels (mbu), marking the fourth-largest March total since 1967. This figure is a 12.22% increase from February and 14.54% higher than March 2024. For the marketing year, shipments have totaled 42 MMT (1.545 billion bushels), significantly surpassing last year’s totals. Additionally, meal exports reached a record 1.593 MMT in March, while bean oil exports hit 155,959 MT, the highest in 15 years.

Latest Soybean Prices

May 25 Soybeans are priced at $10.31, down 7 cents.

Nearby Cash is at $9.86, down 7 cents.

Jul 25 Soybeans are at $10.38 ½, down 7 cents.

Nov 25 Soybeans are at $10.17 ½, down 4 ¾ cents.

New Crop Cash is at $9.55, down 4 ½ cents.

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data provided are solely for informational purposes. For more details, please view the Barchart Disclosure Policy
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