On Tuesday, soybean futures fell between 6 and 9 cents, with the cmdtyView national average Cash Bean price settling at $10.89 1/4, down 8 cents. Soymeal futures decreased by $1.30 to $4.80, while Soy Oil futures dipped 8 to 31 points at the close. Additionally, crude oil prices dropped by $2.03 following reports that the US and Iran were considering a Pakistan-proposed two-week ceasefire ahead of a deadline.
The USDA is set to release its monthly WASDE report on Thursday morning, with analysts anticipating minimal changes to the US balance sheet, predicting a soybean carryout estimate of 349 million bushels, slightly down from 350 million in March. In Brazil, soybean exports for March reached 14.52 million tons, doubling the February figures but reflecting a 1.11% decrease year-over-year.
