Soybean Market Gains Amid Declining Soymeal Futures on Monday
The soybean market experienced gains of 1 to 5 cents on Monday, bouncing back from initial weaknesses. CmdtyView’s national front month Cash Bean price rose by 4 cents, reaching $10.07. Meanwhile, soymeal futures saw a decline of $2 per ton, while soy oil futures increased by 76 points.
USDA Export Inspections Report
According to the USDA’s Export Inspections report, 439,341 MT (16.14 million bushels) of soybeans were shipped in the week ending April 24. This figure reflects a decrease of 21.5% from the previous week but is up 59.1% compared to the same week in 2024. China remained the leading destination, importing 205,463 MT, followed by Mexico with 61,071 MT and Germany with 57,069 MT. Cumulatively, marketing year shipments stand at 43.12 MMT (1.584 billion bushels), which is an 11.3% increase compared to the same week last year.
Planting Progress Update
NASS will update the planting progress data later today. Analysts expect that 16% of the soybean crop will be planted, down from 18% during the same week last year.
Speculative Activity
On the futures and options trading front, soybean speculative funds added 4,898 contracts to their net long position, bringing the total to 31,067 contracts as of Tuesday, according to CFTC data.
Current Soybean Prices
May 25 Soybeans are priced at $10.53 1/2, an increase of 3 3/4 cents.
Nearby Cash sits at $10.07, up 4 cents.
Jul 25 Soybeans are at $10.63 1/2, gaining 4 1/4 cents.
Nov 25 Soybeans have reached $10.36 1/4, up 1 1/4 cents.
New Crop Cash stands at $9.76 3/4, increasing by 1 3/4 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 is solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
