Soybean Prices Plummet, USDA Reports

Soybean prices plummeted on Monday, with most contracts falling between eight and eleven and a half cents, and the national average cash bean price dropping by eleven and a half cents to ten dollars and twenty-three cents. Soymeal futures also experienced losses of twenty cents, and soy oil futures saw a decrease of thirty-four to fifty-one points. The USDA reported a significant private export sale of one hundred thirty-two thousand metric tons of soybeans to China, and Mexico, China, and Indonesia were the top buyers in the latest Export Inspections report. Despite a backlog in USDA Export Sales reports, soybean bookings for the week ending November sixth were at a marketing year low, with China purchasing two hundred thirty-two thousand metric tons. Traders anticipate US soybean ending stocks to reach three hundred six million bushels, an increase of sixteen million bushels from the previous month.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.