Soybean Prices Decline Amid Market Pressures and Upcoming Reports

Soybean contracts experienced a downturn on Wednesday, with prices dropping between 5 to 8 cents for most front months. The cmdtyView national front month Cash Bean price decreased by 5 1/4 cents, settling at $9.69 1/2. Additionally, soymeal futures showed steady performance but fell by up to 50 cents per ton, while soy oil futures ended down 15 to 48 points on the day.

The upcoming weekly Export Sales report is set to be released tomorrow morning, with the trade estimating 2024/25 soy sales between 200,000 to 600,000 metric tons for the week ending February 20. Predictions for new crop sales range from 0 to 50,000 metric tons. Furthermore, soybean meal sales are expected to fall between 200,000 to 525,000 metric tons, whereas bean oil bookings are anticipated to be between 0 and 30,000 metric tons.

Market Outlook and Analyst Predictions

As the USDA Outlook Forum approaches on Thursday morning, a Bloomberg survey of analysts indicates an expectation of 84.4 million soybean planted acres. This figure represents a decrease of 2.7 million acres from last year’s total, with estimates ranging from 83.1 million to 86.5 million acres among all surveyed participants.

Labor Disruptions in Argentina

In Argentina, an oilseed union is threatening to strike across the nation’s processing plants due to an ongoing salary dispute, which could further impact soybean supplies.

Recent Closing Prices

Mar 25 Soybeans closed at $10.24 1/2, down 6 3/4 cents.

Nearby Cash was reported at $9.69 1/2, down 5 1/4 cents.

May 25 Soybeans settled at $10.41 1/4, down 7 1/2 cents.

Nov 25 Soybeans closed at $10.45 1/2, down 5 1/2 cents.

New Crop Cash was priced at $9.81 1/2, down 5 1/4 cents.

At the time of publication, Austin Schroeder did not hold (either directly or indirectly) positions in any of the mentioned securities. All information in this article is provided for informational purposes only. For additional details, please view the Barchart Disclosure Policy here.

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