Soybean Prices Decline Amid Mixed Export News

Market Reactions to USDA Reports Shadow Price Movements

Soybean prices are trending downward at midday on Wednesday, with contracts showing a decline of 10 to 18 cents. The national front month Cash Bean price reported by cmdtyView has decreased by 17 1/2 cents, now at $9.64 1/4. Soymeal futures dropped $2.40 per ton, while Soy Oil futures fell by 73 points during the session.

Earlier today, the USDA announced a private export sale of 120,000 metric tons (MT) of soybeans to unknown destinations for the 2024/25 marketing year. Traders are awaiting the release of export sales data scheduled for Thursday morning, with projections indicating sales between 300,000 and 800,000 MT for 2024/25 beans during the week of February 6. For 2025/26, expectations range from 0 to 50,000 MT. Meal sales are forecasted at 200,000 to 625,000 MT, with bean oil predictions set within 0 to 35,000 MT.

In Brazil, the Abiove organization has maintained its production estimate for the country’s soybean crop at 171.7 million metric tons (MMT), which is higher than the USDA’s estimate of 169 MMT released on Tuesday. Additional data from CONAB will be available later this week.

Mar 25 Soybeans are quoted at $10.26 1/4, reflecting a decline of 17 1/4 cents.

Nearby Cash stands at $9.64 1/4, down 17 1/2 cents.

May 25 Soybeans show at $10.43 3/4, decreasing by 16 1/2 cents.

Nov 25 Soybeans are priced at $10.44 1/4, down 11 1/4 cents.

New Crop Cash sits at $9.81 1/2, declining by 10 3/4 cents.

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data are presented solely for informational purposes. For detailed information, please refer to the Barchart Disclosure Policy here.

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