Soybean Market Faces Downturn Amid Tariff Threat and Export Updates

Soybeans experienced a downturn on Friday, joining other grains in trading losses that ranged from 6 to 12 cents. The cmdtyView national front month cash bean price declined by 8 cents, settling at $9.58. Meanwhile, soymeal futures fell by 40 cents per ton for the day, and soy oil futures reported a decrease of 95 points. Notably, there were no deliveries against March soybeans overnight. However, March bean meal saw 641 deliveries, and bean oil recorded 792 deliveries. Additionally, President Trump announced plans to impose a 10% tariff on China starting next week.

On the export front, the USDA reported a private sale of 20,000 metric tons of soybean oil for shipment in the 2024/25 marketing year.

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The latest weekly export sales report highlighted that soybean export commitments for the marketing year now stand at 44.147 million metric tons (MMT). This figure represents 89% of the USDA’s forecast for the year and aligns with the average sales pace. Year-to-date shipments are reported at 37.009 MMT, accounting for 75% of the USDA’s export projections and indicating a steady performance.

According to the Buenos Aires Grain Exchange, Argentina’s soybean crop is estimated at 24% in excellent condition as of Thursday, which marks an increase of 7% from the previous week. The percentage of crops rated as normal fell by 6%, with the entirety shifting to the excellent category, while poor ratings decreased by 1% to 34%.

March 25 Soybeans are priced at $10.16, down 6 3/4 cents.

Nearby Cash stands at $9.58, a decline of 8 cents.

May 25 Soybeans are at $10.27, down 10 1/4 cents.

November 25 Soybeans are priced at $10.30 1/2, down 11 1/4 cents.

New Crop Cash is at $9.65 1/4, representing a decrease of 11 1/4 cents.

On the date of publication, Austin Schroeder did not hold (either directly or indirectly) any positions in the securities mentioned in this article. All information provided here is intended solely for informational purposes. For further details, please refer to the Barchart Disclosure Policy
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