Soybeans are showing fractional to penny losses in the front months on Monday, pulling off the early session lows. CmdtyView’s national front month Cash Bean price is down 1 cent at $9.49 ½. Soymeal futures are down $2.40/ton in the front months, with Soy Oil futures 7 points higher at midday.
Weekly Export Inspections data from USDA showed a total of 822,214 MT (30.21 mbu) of soybeans shipped in the week ending on 3/20. That was a 25% increase from the week prior and 4.7% above the same week last year. Despite the tariffs, China was still the top destination of 404,561 MT, with 107,955 MT headed to Egypt and 71,685 MT destined for Mexico. Marketing year shipments have totaled 39.932 MMT (1.467 bbu), which is a 9.2% hike vs. the same week in 2024
Commodity Bulletin: From crude oil to coffee, this FREE newsletter is for industry pros and rookies alike
The Friday afternoon Commitment of Traders report indicated the spec traders in soybean futures+options were adding another 6,461 contracts to their net short as of Tuesday. They held a net short of 22,005 contracts as of 3/18, mainly on long liquidation. Commercials added 4,628 contracts to their net short as of March 18 to 93,103 contracts.
AgRural estimates the 2024/25 soybean crop at 165.9 MMT, a drop of 2.3 MMT from their previous estimate. The crop is now pegged at 77% harvested, vs. 69% from the same time last year.
May 25 Soybeans are at $10.08 3/4, down 1 cent,
Nearby Cash is at $9.49 1/2, down 1 cent,
Jul 25 Soybeans are at $10.20 3/4, down 3/4 cent,
Nov 25 Soybeans are at $10.06 3/4, down 1 cent,
New Crop Cash is at $9.43 1/2, down 1 1/4 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart
- There Is a Buying Opportunity in July Soybean Meal Futures. Here Are the Price Levels to Watch.
- The Tide Is Turning Bearish for Grains Futures Prices. How Long Will the Selling Pressure Last?
- There Were No Big Surprises in the USDA’s Ag Outlook Forum Forecasts. So Why Are Grains Futures Prices Falling?
- The Baltic Dry Freight Index Is Near a 2-Year Low. Why It’s a Bearish Omen for Commodities.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
