Soybean Market Update: Prices Dip Amid Mixed Export Sales

Current Prices Exhibit Minor Declines

Soybeans are experiencing losses of 6 to 10 ½ cents as Friday midday settles in. CmdtyView’s national front month Cash Bean price has decreased by 10 ½ cents, now standing at $9.94 ¼. Soymeal futures have dropped by $11.30 per ton, while Soy Oil futures are up by 7 points.

Export Sales Show Variability

The Weekly Export Sales data was released a day late, revealing soybean sales of 1.492 million metric tons (MMT) for the week ending January 16. This figure is close to the anticipated range of 0.6 to 1.8 MMT for the current marketing year and marks a significant increase from the previous week’s sales. Notably, China purchased 888,600 MT, with additional sales of 120,700 MT to Japan and 119,900 MT to Mexico.

Meal and Oil Sales Lagging

Meal sales totaled 210,240 MT, falling within the projected range of 100,000-450,000 MT and reaching a four-week high. However, soybean oil sales were just 2,890 MT, which is below the expected range of 10,000-60,000 MT.

Argentina Adjusts Projections and Export Tax

The Buenos Aires Grain Exchange reduced its soybean estimate for Argentina to 49.6 MMT, a decrease of 1 MMT from earlier projections. Furthermore, starting January 26, Argentina will lower its soybean export tax from 33% to 26%. Rates for soybean meal and oil will also decline from 31% to 24.5%.

Latest Soybean Futures Data

Mar 25 Soybeans are trading at $10.55, down 10 ½ cents.

Nearby Cash is priced at $9.94 ¼, also down 10 ½ cents.

May 25 Soybeans are at $10.67 ½, down 10 ¼ cents.

Nov 25 Soybeans are at $10.47 ¼, down 6 cents.

New Crop Cash has fallen to $9.83 ¾, down 6 ¼ cents.

On the date of publication, Austin Schroeder did not hold any positions in the securities mentioned in this article. All information is provided for informational purposes only. For further details, please refer to the Barchart Disclosure Policy here.

The views and opinions expressed in this article are those of the author and do not necessarily reflect those of Nasdaq, Inc.