Soybean Prices Decline Amid Changing Market Conditions
On Monday, soybean prices dropped between 8 to 11 cents. The cmdtyView national front month Cash Bean price fell by 10 ½ cents, now sitting at $9.70 1/4. Meanwhile, Soymeal futures decreased by $2.30 per ton, with Soy Oil futures down by 91 points.
Export Inspections Show Mixed Results
The latest Weekly Export Inspections report recorded soybean shipments at 858,679 MT (31.55 million bushels) for the week ending February 20. This figure represents a 19% decline from the same week last year, though it is an recovery of 18.2% from the previous week. Notably, China emerged as the primary destination, receiving 480,164 MT, while Mexico imported 132,745 MT. So far in the marketing year, soybean shipments have reached 36.876 MMT (1.354 million bushels), marking an 11.3% increase compared to last year.
Traders Adjust Positions Ahead of USDA Outlook
As of February 18, traders reduced their net long positions in soybeans by 11,949 contracts, leaving a net long total of just 16,526 contracts in both futures and options.
Analysts Predict Lower Soybean Acreage
Looking ahead to the USDA Outlook Forum this week, a Bloomberg survey indicates analysts expect 84.4 million acres to be planted with soybeans. This would represent a decrease of 2.7 million acres from last year, with all surveyed analysts predicting lower totals, ranging from 83.1 to 86.5 million acres.
Brazil’s Harvest Continues, Production Estimates Adjusted
AgRural reports that the Brazilian soybean crop is currently 39% harvested, just 1 percentage point behind last year’s pace. Additionally, the country’s soybean production estimate has been reduced by 2.8 MMT, bringing it to 168.2 MMT.
Current Soybean Futures Prices
Mar 25 Soybeans: $10.28 3/4, down 10 3/4 cents
Nearby Cash: $9.70 1/4, down 10 1/2 cents
May 25 Soybeans: $10.47 1/4, down 10 cents
Nov 25 Soybeans: $10.51 1/2, down 8 1/4 cents
New Crop Cash: $9.88 1/2, down 8 1/4 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 in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy
here.
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