On Monday, the USDA reported a private export sale of 264,000 MT of soybeans to China. Soybean prices posted gains of 3 to 5 cents, with March soybeans closing at $11.10 3/4, down 4 1/2 cents, and the cmdtyView national average cash bean price at $10.45 1/2, down 4 ¼ cents.
In the week of February 5, 1.136 MMT (41.74 mbu) of soybeans were shipped, marking a 13.8% decline from the previous week and 3.5% lower than the same time last year. China was the primary destination, receiving 747,198 MT, while the total marketing year shipments now stand at 23.136 MMT (850 mbu), down 34.4% from last year.
Monthly WASDE data is set to be released on Tuesday, with analysts predicting U.S. soybean stocks holding at 348 mbu compared to 380 mbu in January. Additionally, Brazil’s soybean production is expected to rise to 179.2 MMT while Argentina’s is projected to decrease to 48.1 MMT.
