Soybean Market Update: Prices Decline Despite Strong Export Data
Soybeans experienced slight losses on Tuesday, with front month contracts decreasing by 3 to 4 cents. CmdtyView reported the national front month Cash Bean price dropping by 4 cents to $9.89 3/4. Similarly, soymeal futures were steady to down $2.60 per ton, while Soy Oil futures fell by 3 to 39 points.
Planting Progress and Crop Conditions
As of Sunday, the USDA indicated that soybean planting was 30% complete. This figure is ahead of the 23% average pace and the 24% recorded at the same time last year. Notably, Illinois was the only one of the 18 states to report planting progress lagging behind its respective average. The overall U.S. crop is now 7% emerged, which is 2 percentage points faster than usual.
Export Data Highlights
Recent census data revealed that soybean exports for March reached 3.498 million metric tons (MMT) or 128.54 million bushels, marking the fourth-largest total for the month since 1967. This amount reflects a 12.22% increase from February and is 14.54% higher than March 2023. So far in the marketing year, shipments total 42 MMT (1.545 billion bushels), significantly exceeding last year’s figures. Meal exports also set a March record at 1.593 MMT, while bean oil exports hit 155,959 metric tons, the highest in 15 years.
Future Outlook for Brazil
According to estimates from AgroConsult, Brazil’s soybean area is set to increase by approximately 500,000 hectares (1.24 million acres) in the 2025/26 crop year.
Market Prices Overview
May 25 Soybeans closed at $10.34 3/4, down 3 1/4 cents.
Nearby Cash was $9.89 3/4, down 4 cents.
Jul 25 Soybeans ended at $10.41 1/4, down 4 1/4 cents.
Nov 25 Soybeans closed at $10.19 1/4, down 3 cents.
New Crop Cash was $9.56 1/4, down 3 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 meant solely for informational purposes. For further details, please view the Barchart Disclosure Policy here.
The views expressed herein reflect the author’s opinions and do not necessarily align with those of Nasdaq, Inc.
