Soybeans experienced gains of 5 to 7 cents for most contracts on Tuesday, with the cmdtyView national average cash bean price rising by 5 3/4 cents to $11.27 1/4. Soymeal futures increased by 80 cents to $1.10, while soy oil futures remained steady or saw slight declines. Crude oil fell by $8.38 as the U.S. began escorting vessels through the Strait of Hormuz, amidst reports of Iran placing mines in the waterway.
The USDA’s latest WASDE report revealed a 5 million bushel increase in U.S. imports, countered by a similar increase in soybean crush, maintaining net ending stocks at 350 million bushels. Brazilian soybean production remained steady at 180 million metric tons, while Argentina’s total dropped by 0.5 million metric tons to 48 million. China’s soybean imports for January and February totaled 12.55 million metric tons, marking a 7.8% decrease from the previous year.
On March 26, soybeans closed at $11.87 1/4, up 6 3/4 cents. Nearby cash was priced at $11.27 1/4, an increase of 5 3/4 cents. May 26 soybeans closed at $12.01 3/4, up 5 1/2 cents, and July 26 soybeans finished at $12.15, a rise of 6 cents.
