CBOT soybean futures closed higher amid pressure from a large Brazilian harvest. May soybeans reached $10.13 per bushel, while soymeal declined and soyoil increased. Factors included a stronger dollar and anticipation of USDA data on crop planting intentions. Chinese imports of U.S. soybeans surged despite net sales falling below expectations.
On Thursday, soybean futures at the Chicago Board of Trade fluctuated due to harvest pressure from an abundant Brazilian crop, yet ultimately closed higher. Traders appeared to adjust their positions in anticipation of data to be released by the U.S. Department of Agriculture later this month. Specifically, CBOT May soybeans settled up by 4-3/4 cents, reaching $10.13 per bushel.
In related markets, CBOT May soymeal concluded down 60 cents at $297.10 per short ton, while May soyoil increased by 0.35 cents to 42.71 cents per pound. Meanwhile, the dollar index rose further, influenced by the Federal Reserve’s stance of not hastily cutting interest rates amidst tariff uncertainties, which increased the cost of U.S. commodities abroad.
Traders are particularly attentive to the USDA’s grain stocks and prospective planting reports due on March 31. These documents will provide forecasts pertaining to farmers’ planting intentions for 2025. Notably, Chinese imports of U.S. soybeans surged by 84.1% during the initial two months of 2025 compared to the prior year, driven by tariff concerns prompting an increase in shipments.
Additionally, the USDA reported last week that net U.S. soybean sales totaled 352,600 metric tons for the 2024/25 marketing year. This figure fell short of trade expectations, which ranged from 400,000 to 900,000 tons, indicating mixed sentiments in the market regarding future soybean demand.
In summary, CBOT soybean futures experienced a rise despite bearish pressures from Brazil’s harvest. The market remains attentive to USDA reports expected later this month, coupled with notable increases in Chinese soybean imports from the U.S. The inconsistencies in U.S. soybean sales figures suggest a cautious outlook among traders ahead of critical data releases.
Original Source: www.tradingview.com
