Soybean futures pulled back to around $11.70 per bushel after briefly touching their highest level in nearly three years in early March, following a decline in crude oil prices sparked by President Trump’s remarks that the Middle East conflict may be nearing a resolution. Soybean prices had advanced on Monday as higher energy costs tend to reverberate through agricultural markets, given that crops such as soybeans and corn are key inputs for biofuel production and frequently attract increased investment from commodity funds.
On the fundamentals side, US soybean ending stocks are projected to decline by 6 million bushels to 344 million, according to the latest WASDE report. In Brazil, soybean output is now forecast at 179.06 million tons, about 1 million tons lower than previous estimates. Export inspections showed 879,190 tons of US soybeans shipped in the week ending March 5, a 24% decrease from the prior week. Of that total, China received 411,462 tons, Egypt 161,746 tons, and Indonesia 118,747 tons.
