Soybean Futures Decline Amid Mixed Export Data and Speculation

Soybean futures are down at midday, with contracts falling 4 to 8 cents. The cmdtyView Cash Bean price decreased by 4.5 cents to $9.91. Soymeal futures lost $1.70 per ton for July, while Soy Oil dropped another 41 points.

Recent Export Inspections data revealed a slight increase in soybean shipments, reaching 268,343 MT (9.86 mbu) for the week ending May 29. This figure is up 34.2% from the previous week but down 25.7% from the same week last year. China remains the largest buyer, importing 64,998 MT, with Bangladesh receiving 57,487 MT and Mexico 34,927 MT. Total marketing year exports are at 44.61 MMT (1.639 bbu), 10.7% higher than the same period last year.

As of May 27, large managed money speculators increased their net long position in soybean futures and options by 24,043 contracts to a total of 36,967. Conversely, in soybean meal, speculators reduced their net short position by 13,681 contracts to 93,785 contracts.

A monthly crush report will be released later today, with expectations for April’s crush to reach 201.8 million bushels.

AgRural has raised its Brazil soybean crop estimate by 1.3 MMT to 169 MMT, aligning with the latest USDA figures.

Jul 25 Soybeans are priced at $10.36, down 5 3/4 cents.

Nearby Cash stands at $9.91, down 4 1/2 cents.

Aug 25 Soybeans are at $10.30, down 6 3/4 cents.

Nov 25 Soybeans are priced at $10.18 3/4, down 8 cents.

New Crop Cash is at $9.58 3/4, down 5 3/4 cents.

On the date of publication, Austin Schroeder did not have positions in any mentioned securities. All information is for informational purposes. For more details, see the Barchart Disclosure Policy here.

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