Soybean Market Updates: Prices Mixed Ahead of Planting Report

Soybean futures showed a mixed pattern at the market close. The front months declined between 4 to 6 cents, while some new crop contracts managed to firm up. CmdtyView reported the national front month cash bean price decreased by 5 1/4 cents, settling at $9.41. Meanwhile, soymeal futures remained steady, with some contracts down by $2.70 per ton. In contrast, soy oil futures increased between 15 and 34 points during the day.

Traders Anticipate Planting Report

As the Prospective Plantings report looms this coming Monday, traders project an average of 83.8 million acres of soybeans will be planted. This figure comes from a Bloomberg survey, which indicates a range of expectations between 82.5 to 85.5 million acres.

EU Import Trends

From July 1 to March 23, EU soybean imports reached 9.84 million metric tons (MMT), an increase from 9.23 MMT during the same timeframe last year. Additionally, meal imports stood at 13.6 MMT, surpassing the previous year’s total of 10.73 MMT.

Closing Prices for Soybeans

May 25 Soybeans closed at $10.01 3/4, down 5 1/2 cents.

Nearby Cash was $9.42, reflecting a drop of 5 1/4 cents.

Jul 25 Soybeans ended at $10.15 1/2, down 4 cents.

Nov 25 Soybeans closed unchanged at $10.06 1/2.

New Crop Cash was steady at $9.43 1/2.

On the date of publication, Austin Schroeder did not hold any positions, directly or indirectly, in any of the securities mentioned in this article. All information is provided solely for informational purposes. For more details, please view the Barchart Disclosure Policy here.

More news from Barchart

The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Nasdaq, Inc.