Rising Prices of Soybeans and Wheat in the Market: USDA Data
On Thursday, May 25, the soybean market showed positive dynamics, recording price increases of 7–17 cents for most contracts at the close. Thanks to the publication of data from the United States Department of Agriculture (USDA), soybean prices closed 4–13 points higher compared to the previous day.
This is reported by AgroReview
The USDA reported soybean sales at 172,324 tons for the week ending April 3. This marked the lowest sales figure in the last eight weeks, as crop volumes totaled 0 tons.
Sales of soybean meal were also noted, amounting to 275,955 tons, exceeding expectations of 75,000–470,000 tons, reaching a 7-week high. At the same time, the USDA updated global and U.S. balances, reducing U.S. carryover stocks by 5 million bushels to 375 million.
Yield Analysis in South America
According to reports, Argentina maintained its production level at 49 million tons, while Brazil recorded a stable volume of 169 million tons. The updated soybean harvest estimate in Brazil was 167.87 million tons, which is 0.5 million tons higher than previous forecasts.
“Sales of soybean meal were 275,955 tons against expected figures of 75,000–470,000 tons,” experts noted.
Futures for soybean oil also increased, closing at 46.32 cents per pound. Meanwhile, May corn futures closed at $4.83 per bushel, rising by 9 cents, marking the fifth consecutive increase.
Impact of U.S. Trade Policy on the Market
Analysts believe that the rise in soybean prices is also supported by the 90-day pause in tariffs on imported goods announced by U.S. President Donald Trump, which was implemented last week. This announcement came as a surprise to the market, as the imposed tariff rates on key agricultural products could affect import volumes.
Specifically, Syria postponed the deadline for submitting bids for an international tender to purchase 100,000 tons of soft milling wheat to April 21.
Overall, the agricultural market continues to be influenced by various factors, including climatic conditions, trade policy, and economic forecasts.