Current Trends in Soybean Markets
Soybean Prices and Trends
On Thursday, soybean prices exhibited slight declines, with values dropping by as much as 3 cents across various contracts. The national average cash price for soybeans stands at $9.77 1/4, reflecting a decrease of 2 cents. Meanwhile, soybean meal futures also faced a downturn, falling by $4.70 per ton and reaching the lowest levels seen since 2016. In contrast, soybean oil gained ground, moving up by 46 points.
Export Activity and Reports
The USDA has announced a private export sale of 110,000 metric tons of soybeans to Egypt for shipping during the 2024/25 season. This is a significant transaction that underscores ongoing international demand for U.S. soybeans.
Additionally, the Export Sales data released earlier indicates that 402,931 metric tons of 2024/25 soybeans were sold in the week concluding on June 19. This figure falls within the expected range of 200,000 to 600,000 metric tons, although it reflects a decrease from the previous week. Notably, this total shows an increase of 42.4% compared to the corresponding week in 2024. The Netherlands emerged as the leading purchaser with 63,400 metric tons, followed closely by Mexico at 60,600 metric tons and Egypt, which bought 60,000 metric tons.
New Crop Sales and Projections
New crop sales surpassed forecasts of between 0 to 150,000 metric tons, reaching a total of 156,153 metric tons—marking the third-highest figure during the marketing year. Among buyers, Mexico purchased 57,200 metric tons, while an additional 55,000 metric tons were sold to unspecified destinations.
In terms of soybean meal, sales were lower than anticipated, totaling 93,945 metric tons for 2024/25 and 166,129 metric tons for 2025/26, which combined to 260,074 metric tons. This figure was on the lower end of the forecast range of 100,000 to 650,000 metric tons. For soybean oil, sales recorded were 4,023 metric tons, also below the estimate of net reductions ranging from 10,000 metric tons to net sales of 34,000 metric tons.
Upcoming Reports and Acreage Estimates
Looking ahead, the June Acreage report is scheduled to be released on Monday. Analysts are predicting that 83.5 million acres of soybeans will have been planted during the spring season, consistent with the figures from the March Planting Intentions report. The estimates for acreage vary between 82 million to 85 million acres.
Current Pricing Insights
As for current pricing, nearby soybean futures for July are quoted at $10.22 1/4, reflecting a decline of 3 cents. The cash price in the nearby market is at $9.77 1/4, also down by 2 cents. Futures for August are priced at $10.26 3/4, down 2 3/4 cents, while November futures stand at $10.16 1/4, decreasing by 2 1/4 cents. Cash prices for new crops are registered at $9.65 3/4, down by half a cent.
This comprehensive overview captures the ongoing trends in the soybean market, highlighting recent price changes, export activities, and future expectations. Stay tuned for market updates as the situation evolves.
