Soybeans are collapsing on Monday, with midday losses of 50 to 61 cents in the front months as doubt is growing on additions Chinese purchases. The cmdtyView national average Cash Bean price is down 60 ¾ cents at $1.90 3/4. Soymeal futures are down $8.60 to $9.20 at midday, with Soy Oil futures were down 276 to 296 points. Crude oil is down $3.19 at midday.
US Treasury Secretary Bessent and Chinese counterparts met this weekend in Paris to prep for the meeting between President Trump and President Xi later this month. Following the meeting it was noted that China was open to buying more US ag goods, specifically more non-soybean row crops, putting some doubts on another 8 MMT for the current MY suggested by President Trump last month. Late on Sunday President Trump stated there could be a delay in the meeting with China, while also expecting to see China help unblock the Strait of Hormuz, with some thinking that the two are tied to one another, though Secretary Bessent has stated they are not.
USDA’s FGIS tallied soybean export shipments at 966,082 MT (34.5 mbu) during the week ending on March 12. That was 8.9% above the week prior and 45.4% larger than the same week last year. China was the top destination of 545,858 MT, with 224,944 MT headed to Egypt and 20380,194 MT to Mexico. Marketing year exports for 2025/26 are 28.06 MMT (1.031 bbu) since September 1, which is now 28.3% below the same period last year.
NOPA data from this morning, showed a February record 208.785 mbu of soybeans crushed among members. That was up 10.57% from a year ago but down 1.52% from January. Daily crush of 7.46 mbu was a record for any month through NOPA’s history. Soybean oil stocks were 2.08 billion lbs, a 38.37% yr/yr increase, with a monthly jump of 9.49%.
Weekly CFTC data via the Commitment of Traders report indicated another 23,205 contracts added to the managed money net long in soybean futures and options. That took the net position to 222,107 contracts. Specs in bean oil added another 33,329 contracts to their net long at 108,838 contracts.
Brazil’s soybean harvest was tallied at 61% complete by Thursday according to AgRural, behind the 70% pace from last year.
May 26 Soybeans are at $11.64 1/2, down 60 3/4 cents,
Nearby Cash is at $10.90 3/4, down 60 3/4 cents,
Jul 26 Soybeans are at $11.79, down 58 1/2 cents,
Aug 26 Soybeans are at $11.67 1/4, down 51 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.
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