Soybeans Pulling Off Early Lows at Midday

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

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,