As of March 26, soybean contracts closed at $11.15 1/4, marking an increase of 3 cents, while the average cash bean price rose 1 3/4 cents to $10.49 3/4. Despite this week’s fluctuations, March soybeans reported a total increase of 51 cents.
The USDA reported soybean export commitments at 34.29 million metric tons (MMT), a 20% decrease from the previous year and representing 80% of the USDA’s export projection, aligning with the five-year average pace of 88%. In Canada, canola stocks increased to 15.62 MMT, an 18.1% rise year-over-year, while soybean stocks fell to 3.24 MMT, a 26.6% decline from the prior year.
Upcoming monthly WASDE data is expected to show US soybean stocks at 348 million bushels (mbu), compared to 380 mbu in January. Additionally, managed money’s net long position increased by 11,511 contracts to reach 28,832 contracts as of Tuesday.
