Soybeans experienced a decline in the front months as trading closed on Monday, dropping between ¾ and 1 ½ cents, while deferred contracts saw slight gains ranging from ½ to 2 ¼ cents. According to cmdtyView, the national average cash price for soybeans fell by ¾ cent, settling at $11.01 1/4.
In related markets, soymeal futures decreased, with prices dropping between $2.40 and $6.70, whereas soy oil futures witnessed an increase of 102 to 147 points.
The latest weekly Crop Progress report from the USDA’s National Agricultural Statistics Service (NASS) indicated that as of April 19, the U.S. soybean crop was 12% planted. This marks a significant lead over the 5% average typically recorded at this time of year, as well as the 7% planting pace from the previous year.
Export Inspection data revealed that a total of 748,678 metric tons (equivalent to 27.51 million bushels) of soybeans were shipped in the week ending April 16. This figure reflects a week-over-week increase of 1.3% and is substantially higher, by 33.7%, compared to the same week last year. Notably, China emerged as the primary destination, receiving 446,146 metric tons, while Egypt and Japan imported 117,568 metric tons and 76,804 metric tons, respectively. Overall, marketing year shipments have accumulated to 32.17 million metric tons (1.182 billion bushels), representing a decline of 24.7% year-over-year.
On the international front, AgRural reported that as of Thursday, 92% of Brazil’s soybean crop had been harvested, with Safras & Mercado estimating overall production at 178.11 million metric tons, a slight increase of 0.39 million metric tons from their earlier projections.
In specific trading activities, May 26 soybeans concluded at $11.65 ¾, marking a decrease of 1 ½ cents. Nearby cash prices settled at $11.01 ¼, down by ¾ cent. Additionally, July 26 soybeans closed at $11.81 ¾, a decline of 1 ¼ cents, while November 26 soybeans saw an uptick of 1 ¼ cents, closing at $11.57 ¾. The new crop cash price also experienced a modest increase, ending the day at $10.95 ¼, which is up by 1 cent.
