Soybeans persist in a downward trend on Tuesday
Soybeans experienced a minor setback on Tuesday, with contracts decreasing 3 to 4 cents in the front months. The national front month Cash Bean price dropped 4 cents, settling at $9.89 3/4, according to CmdtyView's estimate. Meanwhile, Soymeal futures remained steady to down $2.60/ton, and Soy Oil futures declined another 3 to 39 points.
Ahead of the curve, soybean planting has reached 30% completion as per USDA reports, surpassing both the 23% average pace and last year's 24% figure. The only state lagging behind its average planting pace is Illinois. The US crop currently stands at 7%, a pace that's 2 percentage points faster than the average.
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This morning's Census data revealed soybean exports for March at 3.498 MMT (128.54 mbu), marking the fourth-largest total for the month since 1967. The figure represented a 12.22% increase from February and outpaced the same month in 2024 by 14.54%. The current marketing year's shipments now stand at 42 MMT (1.545 bbu), significantly surpassing last year's figures. March's highest-ever exported Meal amounted to 1.593 MMT, while Bean Oil exports reached a 15-year high of 155,959 MT.
AgroConsult analysts predict that Brazil's soybean area will increase by around half a million hectares (approximately 1.24 million acres) for the 2025/26 season. This anticipated expansion could lead to a larger national crop in the upcoming season.
Soybean prices closed as follows on May 25: May 25 Soybeans at $10.34 3/4 (down 3 1/4 cents), Nearby Cash at $9.89 3/4 (down 4 cents), Jul 25 Soybeans at $10.41 1/4 (down 4 1/4 cents), Nov 25 Soybeans at $10.19 1/4 (down 3 cents), New Crop Cash at $9.56 1/4 (down 3 cents).
On the date of publication, I, the author, did not hold (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are intended for informational purposes only.
- Despite the minor setback on Tuesday, the average soybean planting pace has surpassed both the 23% average and last year's figure, reaching 30% completion as per USDA reports.
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- AgroConsult analysts predict that Brazil's soybean area will expand by around half a million hectares for the 2025/26 season, potentially leading to a larger national crop in the upcoming season.
