Soybean Market Weakens Despite Stable Export Commitments

On Friday, the soybean market displayed weakness in the front months, declining by 4 cents, while new crop prices increased by 2 cents. According to cmdtyView, the national front month cash bean price now rests at $9.58 3/4. In related futures, soymeal rose by 20 cents per ton, and soy oil increased by 14 points. Additionally, the CME revealed no deliveries against March soybeans overnight, accompanied by 272 delivery notices for March soybean meal and 128 for March bean oil. Reports indicate that the U.S. is drafting an executive order to levy port fees on any Chinese-built or flagged vessels.

Export Commitments Show Promising Growth

Weekly export sales data indicates total soybean export commitments have reached 44.386 MMT, reflecting a 13% rise compared to the same week last year. This figure represents 89% of the USDA’s export projection for the marketing year, which aligns with the average sales pace.

Upcoming USDA Report and Market Insights

The USDA’s World Agricultural Supply and Demand Estimates (WASDE) report will be released on Tuesday. Traders anticipate minimal changes to the U.S. carryout number, which is projected at 379 million bushels.

Brazilian Soybean Sales Outpace Last Year

Safras & Mercado reports that Brazilian producers have sold 42.4% of their 2024/25 soybean crop, surpassing last year’s figure of 36.6% at the same point in the season. February exports from Brazil totaled 6.43 MMT, a decrease of 6.61 MMT compared to the previous year.

Chinese Import Trends

In January and February, China imported 13.61 MMT of soybeans, which marks an increase of 0.61 MMT from the same period last year.

Current Soybean Prices

Mar 25 Soybeans are currently priced at $10.10, down 4 cents.

Nearby Cash stands at $9.58 3/4, down 4 cents.

May 25 Soybeans are at $10.23 1/4, down 4 cents.

Nov 25 Soybeans are at $10.22 3/4, increasing by 2 cents.

New Crop Cash is currently at $9.58 3/4, decreasing by 6 3/4 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 in this article are for informational purposes only. For more information, please view the Barchart Disclosure Policy here.

 

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