Soybean Market Sees Mixed Results Amid Changes in Brazilian Forecasts

On Tuesday, soybeans exhibited a mixed performance, with most contracts holding steady or increasing by up to 5 cents. CmdtyView reported a national front month cash bean price, which dipped by 1 cent to $9.83. Meanwhile, soymeal futures rose by $1.3 per ton, while soy oil futures increased by 11 to 19 points across the front months during the session.

Brazilian Crop Update

Current estimates from CONAB indicate that only 3.2% of the Brazilian soybean crop has been harvested, falling short of the 8.6% rate from the previous year. Additionally, ANEC has revised its forecast for Brazilian soybean exports for January to 1.5 million metric tons (MMT), which is a reduction of 720,000 MT from prior estimates. This adjustment represents a decline of 21.47% compared to December and a staggering 31.3% drop from January 2024 levels.

Argentina’s Production Forecast

Dr. Michael Cordonnier has lowered his estimate for Argentina’s soybean crop to 49 MMT, down by 2 MMT from his earlier prediction. However, the Brazilian soybean forecast remains unchanged at 170 MMT.

Latest Closing Prices

Mar 25 Soybeans closed at $10.45, unchanged from the prior session.

Nearby Cash was at $9.83, down 1 cent.

May 25 Soybeans ended at $10.59 1/2, up 1 cent.

Nov 25 Soybeans closed at $10.47 1/2, which is an increase of 4 1/4 cents.

New Crop Cash was $9.83 3/4, up 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 are solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.

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