Soybean Futures in Chicago: Stability Amid Expectations of the Report
On Wednesday, March 31, the Midwest of the United States experienced overall stability in spot prices for corn and soybeans. However, futures for these crops declined as traders positioned themselves ahead of the U.S. Department of Agriculture’s report on quarterly stocks and plantings, which will be published next week.
This is reported by AgroReview
Soybean futures on the Chicago commodity exchange remained virtually unchanged. Forecasts indicate that the U.S. Department of Agriculture’s report will show a reduction in soybean acreage in 2025. May soybean futures fell by 3/4 cents, reaching $10.01 per bushel.
Market Forecasts and Analysis
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. According to a survey by Reuters analysts, U.S. farmers are expected to plant 83.762 million acres of soybeans in 2025, a decrease compared to 87.050 million acres last year.
Additionally, according to Maxar, rains in the Midwest and northern Delta may promote active soybean growth over the next 31–60 days. Analysts noted that traders are closely monitoring tariff negotiations between the United States and its key trading partners: Canada, Mexico, and China.
Plantings and Exports
Weekly export sales data is expected to show that soybean sales for 2024/25 will range from 300,000 to 900,000 tons in weeks 3/20, while the new crop will be between 0 and 50,000 tons. Soybean meal orders are estimated at 150,000 to 450,000 tons, and soybean oil expectations range from 5,000 to 30,000 tons.
“The market is trying to find its way amid significant uncertainty regarding Trump’s decisions and the competition between corn and soybeans for planting acreage in the U.S.,” noted one trader.
Meanwhile, wheat futures on the Chicago commodity exchange fell amid expectations of increased security measures on Black Sea shipping lines due to agreements with Ukraine and Russia, as well as the overall situation in the region.