Price Movement:
Soybeans faced a downward trend during Tuesday’s trading hours, finishing the session near the day’s low with losses ranging from 8 ¾ to 11 ¾ cents. The new crop futures also closed in the red zone, with prices down fractionally to 8 ¾ cents. Notably, Nov registered a weekly loss of 9 ¼ cents. Leading the decline, soymeal took a significant hit with a drop of $5, representing more than 1.5% in losses. For the week, the May contract showed a substantial $9.40 decrease.
Export Data:
The USDA’s FGIS indicated that 414,484 MT of soybeans were exported in the week ending 3/28. This figure was lower compared to the 785k MT reported the previous week and the 504k MT from the corresponding week last year. Bean shipments are currently lagging behind last year’s pace by 18.7%, with a total of 36.98 MMT exported.
Production Forecast:
Forecast adjustments were made by StoneX for Brazilian soybean production due to lower yields in MGDS, Sao Paulo, and Parana. The revised output projection stands at 150.8 MMT.
US Crush Data:
February’s US soybean crush figures, released by the USDA in the official Fats & Oils report on Monday, were somewhat disappointing at 194 million bushels. However, with half of the marketing year completed, the crush was up by 5.5% from the previous year, reaching 1.170 billion bushels. Notably, bean oil usage for biofuels in January hit a 9-month low, though the year-to-date pace remained 15% higher than the previous year.
Current Prices:
As of the latest data:
- May 24 Soybeans are at $11.74, down 11 3/4 cents,
- Nearby Cash is at $11.19 1/4, down 11 1/2 cents,
- Jul 24 Soybeans are at $11.87 3/4, down 11 3/4 cents,
- Nov 24 Soybeans are at $11.77, down 5 1/2 cents.
