Soybean Markets Dip Amid Export News

The soybean market is experiencing a midday slump, with contract prices falling between 9 to 13 cents on Tuesday. CmdtyView’s national front month Cash Bean price now stands at $9.33 ½, a decrease of 9 cents. Meanwhile, soymeal futures are holding steady, while Soy Oil futures have dropped by 141 points during today’s session.

New Export Sales Reported by USDA

This morning, the USDA announced two private export sales: 187,000 metric tons of soybeans destined for Spain and 132,000 metric tons for unknown locations, slated for the 2024/25 shipping period.

December Export Estimates from Brazil

According to ANEC, Brazilian soybean exports are projected to reach 1.62 million metric tons in December. This estimate marks a slight increase from previous forecasts. It is also worth noting that the Brazilian real has hit an all-time low against the US dollar.

Current Soybean Prices

January 25 Soybeans are priced at $9.73, down 9 cents.

Nearby Cash is currently at $9.23 1/2, also down 9 cents.

March 25 Soybeans are at $9.75 1/2, down 10 1/2 cents.

July 25 Soybeans have decreased by 12 1/2 cents, bringing their price to $9.94 3/4.

On the date of publication,
Austin Schroeder
did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy
here.

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