Soybean Prices Decline Amid Limited Midwest Precipitation

Soybeans saw losses ranging from 6 to 9 cents on Wednesday. According to CmdtyView, the national front month Cash Bean price decreased by 7 1/4 cents, settling at $9.88. Soymeal futures fell between 20 to 80 cents per ton, while Soy Oil futures dropped another 27 to 58 points.

Market pressure appears as the month concludes. Limited precipitation in parts of the Midwest is expected for much of the upcoming week, with some heavier rainfall anticipated in parts of Illinois. This situation may enable planting to progress ahead of schedule.

A recent Bloomberg survey estimated the March soybean crush at 205.9 million bushels. If this projection is accurate, it would represent a 1.2% increase from the previous year. The detailed report will be released on Thursday afternoon. Additionally, EIA data indicated 576 million gallons of soybean oil feedstock were used in biodiesel and renewable biodiesel in February. This figure marks an 11.91% decrease from January, a 33.13% drop compared to last year, and the lowest monthly total since February 2021.

Traders anticipate that the USDA will report old crop soybean sales between 150,000 and 600,000 MT for the week of April 24. New crop sales are expected to fall between 0 to 100,000 MT. Estimates for soybean meal sales range from 150,000 to 450,000 MT, while bean oil sales predictions sit between 4,000 to 30,000 MT.

May 25 Soybeans closed at $10.34 3/4, down 6 1/4 cents.

Nearby Cash was $9.88 1/1, down 7 1/4 cents.

Jul 25 Soybeans closed at $10.44 1/2, down 8 1/4 cents.

Nov 25 Soybeans closed at $10.18 1/4, down 7 cents.

New Crop Cash was $9.56, down 7 1/2 cents.

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

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