Soybean Prices Dip Amid EU Tariffs and Planting Intentions Data
Soybean prices faced pressure on Wednesday, with losses ranging from 9 to 11 cents for most nearby contracts by the close. CmdtyView reported that the national front month cash soybean price fell by 10 1/4 cents, bringing it to $9.37. Prices for soymeal futures decreased by $1.70 to $2.50 per ton, while soy oil futures dropped by 19 to 26 points.
Impact of EU Tariffs on US Soybean Market
In early April, retaliatory tariffs from the European Union will take effect in response to President Trump’s steel and aluminum tariffs, impacting US soybean exports. Although the EU has no US soybeans currently on its books, data shows that the US has exported 4.5 million metric tons (MMT) of soybeans to the EU this marketing year.
Upcoming USDA Export Sales Report
Tomorrow morning, the USDA is set to release its weekly Export Sales report. Expectations for 2024/25 soybean sales are estimated to range from 275,000 to 700,000 metric tons, while new crop sales are projected between 0 and 100,000 metric tons. Soybean meal sales are anticipated to be in the range of 190,000 to 410,000 metric tons, and soybean oil sales are expected to fall between 40,000 and 85,000 metric tons.
Canadian Planting Intentions Report
Recent data from Stats Canada indicated that producers plan to plant approximately 21.65 million acres of canola this year, representing a 1.7% decline from last year, if achieved. Additionally, soybean acreage is projected to be around 5.64 million acres, a decrease of 1.37% year-over-year.
Current Soybean Market Prices
Mar 25 Soybeans: Closed at $9.87 1/2, down 10 1/4 cents
Nearby Cash: $9.37, down 10 1/4 cents
May 25 Soybeans: Closed at $10.00 1/2, down 10 3/4 cents
Nov 25 Soybeans: Closed at $10.06 1/2, down 9 cents
New Crop Cash: $9.42, down 9 cents
On the date of publication, Austin Schroeder did not hold (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data provided are solely for informational purposes. For more details, please view the
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