Soybean futures experienced fractional to 2 cent gains on Tuesday, following losses of 4 to 5 cents on Monday. The recent downturn is attributed to a $5.85 decline in crude oil prices, which contributed to reduced market activity, with a preliminary open interest drop of 4,779 contracts mostly in old crop contracts. The cmdtyView national average cash bean price fell by 5 1/4 cents to $11.21 1/2.
According to the latest WASDE report, U.S. soybean ending stocks are forecasted to decrease by 6 million bushels to 344 million bushels, while Brazilian soybean production is predicted to decline by approximately 1 million metric tons to 179.06 million metric tons. Export inspections data revealed soybean shipments of 879,190 metric tons for the week ending March 5, a 24.3% week-over-week decrease, but a 2.5% increase from the previous year.
China was the top destination for U.S. soybean exports, receiving 411,462 metric tons, while total marketing year shipments have reached 27.09 million metric tons, down 29.6% year-over-year. Additionally, Chinese soybean imports for January and February amounted to 12.55 million metric tons, reflecting a 7.8% decline from the previous year.
