Soybean Market Gains Slightly Amid Mixed Futures Results

The soybean market made modest strides on Monday, with contracts closing up by 2 cents. The cmdtyView Cash Bean price rose by a penny to $10.01 1/4. In contrast, soymeal futures experienced a decline of 80 cents to $1.20 per ton, while soy oil futures climbed between 50 to 75 points.

The USDA reported the sale of 145,000 metric tons of soybean meal to the Philippines for the ongoing marketing year.

Export Inspections Report

The USDA’s Export Inspections report revealed total shipments of 217,842 metric tons (approximately 8 million bushels) of soybeans for the week ending May 15. This marks a drop of 50.4% from the prior week; however, it is 13.3% higher than the same week last year. Notably, there were no shipments reported to China, with 65,958 metric tons shipped to Mexico and 52,843 metric tons to Egypt. Cumulatively, marketing year shipments now stand at 44.13 million metric tons (1.622 billion bushels), reflecting an increase of 11.1% compared to the year-ago period.

US Soybean Crop Progress

As of May 18, the US soybean crop has been tallied at 66% planted, which is significantly ahead of the average pace by 13 percentage points. Additionally, 34% of the crop has emerged, compared to the 5-year average of 23% for this date.

Market Prices Overview

July 25 Soybeans closed at $10.50 3/4, gaining 3/4 cent. Meanwhile, Nearby Cash reached $10.01 1/4, up 1 cent.

August 25 Soybeans settled at $10.47 3/4, rising by 1 1/2 cents. In a similar trend, November 25 Soybeans closed at $10.37, also up by 1 1/2 cents.

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

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