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Soybean futures fall in the US

Soybean futures fall in the US

World soybean production is forecast at 422.3 million tons



Soybean futures for July delivery fell 6 1/4¢ to $12.13 1/4 a bushel – Photo: Pixabe

Last night, US soybean futures fell, driven by insufficient global supply and domestic planting progress. According to the latest reports from the US Department of Agriculture, global ending stocks for the 2024-2025 marketing season are forecast at 128.5 million metric tons, a significant increase from the previous estimate of 111.8 million metric tons and exceeding Reuters poll expectations of 120.9 million tons.

Global soybean production is forecast at 422.3 million metric tons, an increase from 376.1 million in the previous 2023-2024 campaign. In the United States, farmers have planted 35% of the soybean crop to date, up from the previous week and slightly above the five-year average of 34%. Sixteen percent have already exited, well ahead of previous weeks and historical averages.

A decline in soybean oil prices, which fell more than 3% in overnight trading, put pressure on soybean futures. Meanwhile, corn and wheat futures saw little change. Corn planting in the U.S. reached 49%, higher than the previous week, but lower than this year’s average. Corn emergence also increased, as did spring wheat planting and emergence, exceeding historical averages.

Soybean futures for July delivery fell 6 1/4¢ to $12.13 1/4 a bushel overnight on the Chicago Board of Trade. Soybean meal rose $2.80 to $369.30 a ton, while soybean oil was down 1.49 cents to 43.66 cents a pound. Corn futures lost 1/3 cent to $4.68 a bushel.

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