Soybean futures fell the maximum limit of 70 cents on Monday, with expanded limits of $1.05 set for Tuesday. The cmdtyView national average cash price dropped to $10.80 3/4, while soymeal futures fell by $5.10 to $11.50. Crude oil also experienced a substantial decline, dropping $4.49.
In a separate note, U.S. Treasury Secretary Bessent and Chinese officials met in Paris over the weekend to prepare for an upcoming meeting between President Trump and President Xi. It was noted that China may consider purchasing more U.S. agricultural goods, particularly non-soybean crops. However, President Trump hinted at a potential delay in the meeting while stating expectations for China to assist in unblocking the Strait of Hormuz.
The USDA’s FGIS reported soybean export shipments at 966,082 metric tons (34.5 million bushels) for the week ending March 12, up 8.9% from the previous week and 45.4% compared to the same week last year. The top destination was China, receiving 545,858 metric tons. Meanwhile, Brazil’s soybean harvest was reported at 61% complete, trailing last year’s 70% pace.
