Soybean prices experienced a decline on Tuesday, with contracts falling between 2 ¾ cents to 8 ½ cents. The cmdtyView national average cash bean price dropped 1 ¾ cents to $10.78 ½. Soymeal futures decreased by $2.00 to $4.20, while soy oil futures rose by 15 to 45 points. The market faced pressure due to increased crude oil prices, which closed up 26 cents amid potential ceasefire reports regarding the Middle East conflict.
As of March 22, EU soybean imports amounted to 8.92 million metric tons (MMT) since July 1, down from 10.002 MMT during the same timeframe last year. Brazilian March soybean export estimates from ANEC stand at 15.87 MMT, reflecting a decrease of 0.45 MMT compared to last week’s figures.
In terms of futures, May 26 soybeans closed at $11.55, down 8 ½ cents; nearby cash was at $10.81 1/1, down 8 ¼ cents; July 26 soybeans settled at $11.71 ½, down 7 ½ cents; and November 26 soybeans finished at $11.43 ¾, down 2 ¾ cents. New crop cash was at $10.82 ½, declining by 2 ¾ cents.
