Soybean prices experienced midday weakness on Monday, March 26, 2023, with nearby cash trading down 7.5 cents at $10.41 1/4 per bushel. Soymeal futures lost between $5.50 and $6.30, while soy oil futures rose by 100 to 107 points. The cmdtyView national average cash bean price is reported at $10.41 1/4.
The USDA announced a private export sale of 264,000 metric tons of soybeans to China. Additionally, the Export Inspections report indicated that 1.136 million metric tons (41.74 million bushels) of soybeans were shipped during the week ending February 5, marking a 13.8% decline from the previous week and a 3.5% decrease from the same week last year. China was the largest destination, receiving 747,198 metric tons.
Analysts expect no major changes in the upcoming monthly WASDE report, predicting US soybean stocks at 348 million bushels, compared to the January estimate of 380 million bushels. Brazil’s soybean production is projected to increase by 1.2 million metric tons to 179.2 million metric tons, while Argentina’s production is expected to decrease by 0.4 million metric tons to 48.1 million metric tons.
