As of midday, soybean prices are experiencing losses of 4 to 7 cents, with the cmdtyView national average cash bean price at $10.91, down 4.5 cents. Soymeal futures have fallen by $1.60 to $2, while soy oil futures are down 25 to 35 points.
According to recent crop progress reports, 6% of the US soybean crop was planted as of Sunday, significantly higher than 2% at the same time last year and above the 5-year average. Only Iowa is lagging behind the average pace among the 18 major states.
On a global scale, Brazil’s soybean crop has been estimated at 179.15 million metric tons by CONAB, a 1.3 million metric ton increase from March, with yields reaching a record 54.96 bushels per acre. Additionally, China imported 4.02 million metric tons of soybeans in March, marking a 14.9% increase from the previous year.
