Soybean Market Update: Prices Shift Amid Export Gains

Soybean prices experienced slight losses at the start of the week, rebounding from early session lows. CmdtyView reports the national front month Cash Bean price fell by 1 cent to $9.49 ½. In the related markets, soymeal futures decreased by $2.40 per ton, while Soy Oil futures rose by 7 points by midday.

Export Inspections Show Significant Gains

According to USDA’s Weekly Export Inspections data, a total of 822,214 metric tons (30.21 million bushels) of soybeans were shipped for the week ending March 20. This reflects a 25% increase from the previous week and a 4.7% rise compared to the same week last year. Notably, despite ongoing tariffs, China remained the leading destination, receiving 404,561 metric tons, followed by Egypt with 107,955 metric tons and Mexico with 71,685 metric tons. For the marketing year, total shipments have reached 39.932 million metric tons (1.467 billion bushels), representing a 9.2% increase from last year at the same time.

Traders Adjust Positions as Market Develops

In the latest Commitment of Traders report released Friday afternoon, speculators in soybean futures and options increased their net short position by 6,461 contracts as of Tuesday. As of March 18, their net short position stood at 22,005 contracts, attributed mainly to long liquidation. Meanwhile, commercial traders added 4,628 contracts to their net short position, bringing the total to 93,103 contracts as of the same date.

Crop Estimates Adjusted

AgRural has revised its estimates for the 2024/25 soybean crop to 165.9 million metric tons, a reduction of 2.3 million metric tons from the prior estimate. Harvest progress is reported at 77%, an increase from 69% at this point last year.

Current Soybean Pricing Snapshot

May 25 Soybeans are currently priced at $10.08 ¾, down 1 cent.

Nearby Cash stands at $9.49 ½, down 1 cent.

Jul 25 Soybeans are at $10.20 ¾, down ¾ cent.

Nov 25 Soybeans are priced at $10.06 ¾, down 1 cent.

New Crop Cash is at $9.43 ½, down 1 ¼ cents.

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 are solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.

 

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