CBOT soybean futures closed lower on Monday, influenced by weak corn prices and improved weather outlooks for Argentina. May soybeans fell 9-3/4 cents to $10.47-1/2 per bushel, with soymeal and soyoil also decreasing. Rainfall forecasts suggest potential yield improvements in Argentina, while Brazil’s soybean crop estimate was slightly lowered but remains at record levels.
On Monday, soybean futures at the Chicago Board of Trade (CBOT) closed lower, influenced by a decline in corn prices and forecasts of beneficial rainfall for Argentina’s agricultural regions. The most-active soybean contract for May settled down 9-3/4 cents at $10.47-1/2 per bushel. Additionally, May soymeal decreased by $3 to $300.90 per short ton, while May soyoil fell by 1.04 cents to 46.30 cents per pound.
The Commodity Weather Group indicated that Argentina’s crop regions are expected to experience “widespread and frequent rain” in the next two weeks, which could enhance crop yield potential. Meanwhile, AgRural has revised its projections for Brazil’s soybean production to 168.2 million metric tons, a decrease from January’s estimate of 171 million. Nevertheless, this revised figure would still represent Brazil’s largest-ever soybean harvest.
In the most recent week, the U.S. Department of Agriculture (USDA) reported soybean export inspections totaling 858,679 metric tons, aligning with trade expectations that ranged from 350,000 to 900,000 tons. Additionally, the USDA plans to release its U.S. 2025 crop forecasts on Thursday, marking the beginning of its annual two-day Outlook Forum. Notably, Friday is set as the first notice day for deliveries related to CBOT March futures contracts.
In summary, the recent decline in CBOT soybean prices can be attributed to falling corn values and promising rainfall forecasts for Argentine crops. Despite a small downward revision in Brazil’s soybean production forecast, the expected output would still achieve record levels. USDA’s upcoming crop forecasts and export inspections provide critical insights into the future of soybean trading.
Original Source: www.tradingview.com
