Soybeans Giving into Weakness on Wednesday

Soybeans are facing continued weakness on Wednesday, with losses of 11 to 14 cents across most nearbys. The cmdtyView national front month Cash Bean price was down 14 1/4 cents at $9.33. Soymeal futures are down $1.90/ton in the nearbys, with Soy Oil futures 33 points lower. There were 60 deliveries for March soybeans overnight, with 0 for meal and 56 for March bean oil. 

Retaliatory tariffs from the EU due to President Trump’s steel and aluminum tariffs are set to begin in early April and are likely to include soybeans. While the EU has no US soybeans on the books, the US has shipped 4.5 MMT to the EU this marketing year.

USDA’s weekly Export Sales report will be released on Thursday morning, with estimates of 275,000 to 700,000 MT for 2024/25 soybean sales. Sales for new crop are estimated at 0-100,000 MT. Soybean meal sales are seen in a range of 190,000 to 410,000 MT, with bean oil between 40,000 and 85,000 MT.

Stats Canada planting intentions data was released this morning showing producers expecting to plant 21.65 million acres of canola this year, down 1.7% from last year if realized. Soybean acreage is estimated at 5.64 million aces, down 1.37% yr/yr.

Brazil’s March soybean exports are expected to total 15.45 MMT, according to ANEC, up from the 14.8 MMT in their prior estimates. An Argentine oilseed union has called off a planned strike at processing plants due to a government order.

Mar 25 Soybeans  are at $9.86, down 11 3/4 cents,

Nearby Cash  is at $9.33, down 14 1/4 cents,

May 25 Soybeans  are at $9.96 3/4, down 14 1/2 cents,

Nov 25 Soybeans  are at $10.03, down 12 1/2 cents,

New Crop Cash  is at $9.39 3/4, down 12 1/4 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.