Soybean Market Update: Price Movements and Export Insights
On Thursday, soybean prices experienced a decline as they dropped between 1 to 3 cents, leading into a long holiday weekend. The May soybean contract fell by 6 ¼ cents this week, while November beans rose by 7 cents. According to CmdtyView, the national average cash price for soybeans was reported at $9.85 ¾, a decline of 2 cents. In the futures market, soybean meal prices decreased by 90 cents to $1.00 per ton, whereas soybean oil futures noted an increase ranging from 32 to 38 points. The Chicago Mercantile Exchange (CME) will remain closed on Friday for Good Friday, but will resume regular trading on Sunday night.
Recent USDA Export Sales data released shows that a total of 554,806 metric tons (MT) of soybeans were sold in the week ending April 10, marking a five-week high. Mexico emerged as the leading buyer with 156,800 MT, followed closely by the Netherlands, which purchased 127,100 MT. However, there were net reductions of 170,000 MT in sales to unknown destinations, most of which were redirected. For the 2025/26 crop year, total soybean sales accounted for 181,757 MT, primarily directed to undisclosed buyers.
In the soybean meal segment, sales reached 155,045 MT, which fell on the lower end of the anticipated range of 145,000 to 450,000 MT. Bean oil sales remained steady at 12,506 MT, placing them in the middle of the estimated sales range of 0 to 50,000 MT and marking the lowest levels observed in the past nine weeks.
The Buenos Aires Grains Exchange has reported that only 4.9% of the soybean crop in Argentina has been harvested. This figure is significantly lagging behind the 31% average harvesting pace typically expected at this point in the season.
Internationally, the International Grains Council estimated a decrease in global soybean production for the 2024/25 cycle, dropping by 1 million metric tons (MMT) from last month’s figures. Despite stable usage rates, the reduction in output has resulted in a 1 MMT reduction in stocks, now standing at 81 MMT. Looking toward the 2025/26 harvest, projections show a rise in output by 1 MMT, coinciding with an equivalent increase in consumption, keeping the stocks projection steady at 83 MMT.
As of the latest trading, May soybean futures closed at $10.36 ½, slipping by 2 ¼ cents. The nearby cash price was recorded at $9.85 ¾, down by 2 cents. In other futures, July beans ended at $10.47 ¾, down 2 ½ cents, while November futures closed at $10.32 ½, decreasing by 1 ¾ cents. The new crop cash price registered at $9.71 ¼, showing a downturn of 1 ¾ cents.
This update summarizes the key movements in the soybean market, highlighting shifts in prices and detailing export activities along with international production forecasts. The market remains dynamic, influenced by various factors from demand patterns to harvesting progress. Stakeholders in the agricultural sector are advised to stay informed and keep a close watch on upcoming developments as they navigate this evolving landscape.
