Soybean prices in Chicago hit limit-down levels

On Monday, soybean prices dropped by 60 cents, reaching the 70-cent limit for nearby contracts. Expanded limits of $1.05 were set for Tuesday. The national average cash soybean price fell by 70.5 cents to $10.80 3/4 per bushel. Soybean meal futures declined by $5.10 to $11.50 in nearby contracts by the end of the day, while soybean oil futures hit the 350-point limit down through September. Crude oil prices also fell by $4.49 on the day.

US Treasury Secretary Bessent and his Chinese counterpart met over the weekend in Paris to prepare for a meeting between President Donald Trump and President Xi Jinping later this month. Following the talks, it was noted that China is willing to purchase more US agricultural products, particularly non-soy grains, raising doubts about the additional 8 million tonnes proposed by President Trump last month for the current marketing year. Late Sunday, President Trump suggested a possible delay of the meeting with China and also expressed hope for China’s assistance in reopening the Strait of Hormuz to shipping. Some market participants see a connection between these issues, although Secretary Bessent stated otherwise.

According to the USDA’s Federal Grain Inspection Service (FGIS), soybean exports for the week ending March 12 totaled 966,082 tonnes (34.5 million bushels). This is up 8.9% from the previous week and 45.4% higher than the same week last year. China was the leading destination with 545,858 tonnes, followed by Egypt with 224,944 tonnes and Mexico. Total exports for the 2025/26 marketing year since September 1 have reached 28.06 million tonnes (1.031 billion bushels), which is down 28.3% from the same period last year.

According to data released by NOPA, a record 208.785 million bushels of soybeans were crushed by its members in February. This is 10.57% higher than a year ago, although down 1.52% from January. The daily crush rate of 7.46 million bushels marked an all-time record for the association. Soybean oil stocks stood at 2.08 billion pounds, up 38.37% year-on-year and 9.49% higher than the previous month.

In Brazil, soybean harvesting reached 61% as of Thursday, according to AgRural, which is below last year’s pace of 70%.

Tags: prices, soybean