Soybean prices are experiencing significant losses on Monday, with front-month contracts down 50 to 61 cents, reflecting growing skepticism about potential Chinese purchases. The national average cash price stands at $1.90 3/4, down 60 ¾ cents, while soymeal futures fell $8.60 to $9.20. Crude oil prices also dropped $3.19 by midday.
During a weekend meeting in Paris, U.S. Treasury Secretary Bessent and Chinese officials discussed preparations for a forthcoming meeting between President Trump and President Xi, where China indicated a willingness to purchase more U.S. agricultural products, though primarily non-soybean crops. This casts doubt on the expected 8 million metric tons of soybean purchases hinted at by President Trump last month.
According to USDA data, soybean export shipments for the week ending March 12 totaled 966,082 metric tons, a 45.4% increase year-on-year. Notably, 545,858 metric tons were sent to China. Meanwhile, Brazil’s soybean harvest is reported to be 61% complete, falling behind last year’s pace of 70% by this time.
