Soybean futures closed broadly lower by 3 to 10 ¼ cents across most contracts, with cash beans also declining, while soymeal futures fell and soy oil gained. This market weakness occurred despite a USDA-reported private export sale of 144,000 MT of soybean meal to the Philippines and EU commission estimates for increased 2024/25 soybean imports. Domestically, the US soybean crop maintained steady condition ratings at 66% good/excellent, with 32% blooming and 8% setting pods, though regional variations were observed.
Soybean futures experienced broad-based losses with contracts declining by 3 to 10 ¼ cents, pushing the national average cash price down to $9.81. This market weakness occurred despite positive underlying demand signals, including a new private export sale of 144,000 MT of soybean meal to the Philippines and an upward revision of the EU's 2024/25 import forecast to 14.52 MMT. The primary driver of the bearish sentiment appears to be the strong condition of the U.S. crop, which remains stable at 66% good-to-excellent and is developing slightly ahead of the five-year average with 32% blooming. While there were regional variations in crop ratings, with declines in Illinois and Ohio offset by improvements in Iowa and Nebraska, the overall robust supply outlook is currently outweighing the bullish export data. The divergence within the complex, where soymeal futures fell by up to $1.90/ton while soy oil gained up to 18 points, further highlights the nuanced market dynamics at play.
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moderately negative
Sentiment Score
-0.40
Ticker Sentiment
