Soybean futures closed down 1-3 cents, primarily pressured by soymeal futures hitting their lowest prices since 2016, declining $4.70-$5.40/ton. While USDA export sales data showed 2024/25 soybean sales of 402,931 MT and new crop sales of 156,153 MT (exceeding expectations), soybean meal and oil sales were notably weak. This downward pressure was compounded by Datagro's increased estimate for the Brazilian soybean crop, now at 173.5 MMT, up 1.5 MMT.
Soybean futures registered losses of 1 to 3 cents, primarily driven by significant weakness in the soymeal market, where futures plummeted by $4.70 to $5.40 per ton, hitting their lowest price point since 2016. This downward pressure on the complex was compounded by an amplified global supply outlook, as Datagro increased its Brazilian soybean crop estimate by 1.5 MMT to 173.5 MMT. While USDA export sales data presented a mixed picture—with new crop soybean sales of 156,153 MT surpassing market expectations and a private sale of 110,000 MT to Egypt confirmed—the demand signals for processed products were notably bearish. Sales for soybean meal (260,074 MT) and soybean oil (4,023 MT) both registered at the low end of analyst estimates, indicating soft demand. Although soy oil futures rose by 56 to 69 points, this strength was insufficient to offset the negative sentiment dominating the broader soybean and soymeal markets.
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moderately negative
Sentiment Score
-0.40
Ticker Sentiment
