Soybean Prices Decline Amid Oil Weakness and Export Insights

Soybean contracts experienced downward pressure on Monday, closing between 7 to 11 cents lower. The cmdtyView national front month Cash Bean price decreased by 10 1/4 cents to settle at $9.49 1/4. In related markets, Soymeal futures fell by $2.20 per ton for nearby contracts, while Soy Oil futures dropped by 116 points. This downturn coincided with China imposing tariffs on various Canadian agricultural goods, with canola oil falling under these restrictions, leading to a decline in bean oil prices.

Export Data and Market Trends

The USDA reported a private export sale of 195,000 metric tons of soybeans to unknown destinations for the 2024/25 marketing year. Additionally, the Weekly Export Inspections data revealed that a total of 844,218 metric tons (31.02 million bushels) of soybeans were shipped in the week of March 6. This figure marks a 20.6% increase compared to the previous week and a 7.6% rise relative to the same week last year. China emerged as the top destination, receiving 276,437 metric tons, followed by Indonesia with 133,079 metric tons and Germany with 129,269 metric tons. Cumulatively, marketing year exports have reached 38.44 million metric tons (1.412 billion bushels), which is 9.6% higher than at this time last year.

Upcoming USDA Report

Traders are anticipating the USDA’s WASDE report, scheduled for release tomorrow, with expectations of no significant changes to the U.S. carryout number, currently projected at 379 million bushels. The average trade estimate for Argentine soybean production is set at 48.9 million metric tons, a slight decrease from 49 million metric tons in February. In Brazil, soybean output is expected to rise by 0.5 million metric tons to 169.5 million metric tons. Additionally, world ending stocks are projected to increase by 0.22 million metric tons to reach 124.56 million metric tons.

Harvest Progress in Brazil

According to AgRural, Brazil’s soybean harvest is currently estimated at 61% complete, surpassing last year’s pace of 55% for the same week.

Latest Soybean Prices

March 25 Soybeans closed at $9.99 3/4, reflecting a decrease of 10 1/2 cents.

Nearby Cash was priced at $9.49 1/4, down 10 1/4 cents.

May 25 Soybeans settled at $10.14, a decline of 11 cents.

November 25 Soybeans closed at $10.17 3/4, down 7 3/4 cents.

New Crop Cash was quoted at $9.53, decreasing by 7 3/4 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 and data contained herein is for informational purposes only. For more information, please view the Barchart Disclosure Policy here.

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