Midday Decline in Soybean Prices Amid Brazilian Export Forecast

Pressure is mounting on the soybean market this Tuesday, with prices slipping between 6 to 9 cents. CmdtyView reports the national front month Cash Bean price is down by 8 3/4 cents, reaching $9.49 3/4. Meanwhile, trading for soybean products is also down; Soymeal futures fell by $1.50 per ton, and Soy Oil futures declined by 54 points.

Brazil’s Export Projections and Crop Predictions

According to the latest estimates from ANEC, Brazilian exports in November are expected to reach 2.8 million metric tons (MMT), which is slightly lower than previous projections. This marks a significant decrease from October’s export figure of 4.7 MMT, and represents nearly half of November 2023’s total. Abiove anticipates that the crop production for 2024/25 will be around 167.7 MMT.

Upcoming Trade Announcement between Brazil and China

On Wednesday, Brazil and China are set to announce an agreement concerning agricultural products, which could influence future trade dynamics.

Current Soybean Futures Prices

Jan 25 Soybeans are priced at $10.01, down 8 3/4 cents. Nearby Cash stands at $9.49 1/2, also down 8 3/4 cents.
Mar 25 Soybeans are trading at $10.11 1/4, down 7 3/4 cents, while Jul 25 Soybeans are at $10.36 1/4, down 6 1/2 cents.

On the date of publication, Austin Schroeder did not hold any positions in the securities mentioned in this article. All information and data in this article are for informational purposes only. For more details, please refer to the Barchart Disclosure Policy here.

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