CBOT soybean futures closed higher despite pressure from a large Brazilian crop. May soybeans increased; however, soymeal decreased, while soyoil saw a slight gain. The dollar index rose, impacting commodity pricing internationally. Traders are awaiting USDA reports on grain stocks and planting intentions. Chinese imports of U.S. soybeans surged, although recent sales figures were lower than anticipated.
The Chicago Board of Trade (CBOT) soybean futures exhibited volatility due to the harvest pressure from a significant Brazilian crop; however, they ultimately finished higher on Thursday. Traders are actively positioning themselves in anticipation of the United States Department of Agriculture’s (USDA) data release later this month.
CBOT May soybeans (SK25) concluded with an increase of 4-3/4 cents, closing at $10.13 per bushel. Conversely, May soymeal (SMK25) fell by 60 cents, reaching $297.10 per short ton, while May soyoil (BOK25) increased slightly by 0.35 cent to 42.71 cents per pound.
Additionally, the dollar index (DXY) rose as the U.S. Federal Reserve indicated no immediate plans to cut interest rates due to the uncertainty surrounding U.S. tariffs. A stronger dollar renders U.S. commodities more costly on the international market.
Traders are also preparing for the USDA’s grain stocks and prospective planting reports scheduled for March 31, which will include estimates for farmers’ planting intentions for the 2025 season. Chinese imports of U.S. soybeans surged by 84.1% in the first two months of 2025 compared to the previous year, attributed to tariff-related concerns prompting expedited shipments.
Recently, the USDA reported net U.S. soybean sales at 352,600 metric tons for the 2024/25 marketing year, which fell short of trade estimates ranging from 400,000 to 900,000 tons.
In summary, despite the pressure from the substantial Brazilian soybean harvest, CBOT soybean futures closed positively as traders positioned for forthcoming USDA reports. The strengthened dollar affects global commodity pricing, while significant Chinese imports of U.S. soybeans underscore ongoing market dynamics. Nevertheless, the recent USDA sales figures highlighted a shortfall compared to expectations, indicating ongoing market uncertainty.
Original Source: www.tradingview.com
