Soybean Futures in Chicago Remain Stable Ahead of Report
On Wednesday, spot prices for corn and soybeans in the U.S. Midwest remained generally stable. Soybean futures on the Chicago Mercantile Exchange traded virtually unchanged as traders prepared for the upcoming U.S. Department of Agriculture report on quarterly stocks and planting intentions, which is set to be released next week.
This is reported by AgroReview
May soybean futures on the CBOT fell by 3/4 cents, reaching $10.01 per bushel. May soybean meal futures closed down $1.50 at $293.60 per short ton, while May soybean oil futures rose by 0.34 cents to 42.64 cents per pound.
Soybean Planting Forecasts
According to a survey of analysts by Reuters, the USDA report scheduled for March 31 is expected to show that American farmers plan to plant 83.762 million acres of soybeans in 2025, down from last year’s 87.050 million acres. According to Maxar, seasonal rains in the Midwest and northern Delta are expected to promote soybean planting in the next 31-60 days.
Analysts note that traders are closely monitoring tariff negotiations between the United States and its leading agricultural trading partners—Canada, Mexico, and China. Weekly export sales data is expected to show soybean sales for the 2024/25 year ranging from 300,000 to 900,000 tons, while new crop sales are estimated at 0-50,000 tons.
Wheat and Corn Prices
Wheat futures on the Chicago Mercantile Exchange also experienced changes: May soft red winter wheat futures fell by 8 cents, closing at $5.35-1/4 per bushel. Meanwhile, hard red winter wheat futures in Kansas City dropped by 4-1/4 cents, reaching $5.65 per bushel.
Amid uncertainty surrounding agreements between the U.S., Ukraine, and Russia, traders are focusing on weather conditions and planting forecasts. On Wednesday, spot prices for hard red winter wheat remained stable as dealers monitored market events and awaited the quarterly USDA report.
Export sales data is expected to be released on Thursday, with sales forecasts for 2024/25 ranging from 0-550,000 tons for the week of 3/20.