Soybean futures experienced a decline on Tuesday, with nearby contracts dropping between 6 to 9 cents, and the cmdtyView national average cash price falling to $10.89 1/4. Soymeal futures also saw losses, down $1.30 to $4.80, while soy oil futures decreased by 8 to 31 points. This decline coincided with a $2.03 drop in crude oil prices, influenced by ongoing geopolitical discussions regarding a potential ceasefire between the U.S. and Iran.

The upcoming USDA WASDE report, set for release on Thursday, is anticipated to show minimal changes in the U.S. soybean balance sheet, with analysts estimating a carryout of 349 million bushels, slightly down from March’s 350 million. Additionally, Brazil’s soybean exports in March reached 14.52 million metric tons, doubling February’s figures but reflecting a year-over-year decline of 1.11%.

Market participants should closely monitor the USDA report for any surprises that could impact soybean prices, particularly given the current bearish sentiment in the market.

Source: nasdaq.com