The soybean market is trading with 3 to 5 cent gains early on Tuesday. Soybeans were under pressure following USDA’s reports this morning, with contracts closing 4 ¾ to 9 ¾ cents in the red. Preliminary open interest was down 10,656 contracts in the May contract and up 15,278 contracts in July, with the total change in open interest up 5,846 contracts. CmdtyView’s national front month Cash Bean price was down 9 3/4 cents at $9.56 ¼. Soymeal futures were down 80 cents to $3.20/ton on Monday, with Soy Oil futures down 4 to 29 points at the close.

Yesterday’s Prospective Plantings report indicated the NASS survey of producers showing intentions of 83.495 million acres for soybeans this spring. That is shy of the average trade estimates but within the 82.5 to 85.5 million acre range. If realized, it would be a 3.555 million acre drop. March 1 soybean stocks were tallied at 1.91 billion bushels, coming in slightly above trade estimates. That was also 65 mbu above the same period last year.

Weekly Export Inspections data from USDA showed a total of 793,250 MT (29.15 mbu) of soybean shipments in the week ending on 3/27. That was a 7.5% drop from the week prior but 54.1% above the same week last year. Despite the tariffs, China was still the top destination of 622,005 MT, which was 78.4% of the total export business. Marketing year shipments have totaled 40.731 MMT (1.497 bbu), which is a 9.8% increase vs. the same week in 2024.

The monthly Fat & Oils report will be released this afternoon, with analysts looking of ~188.7 mbu of soybean crushed during February. Bean oil stocks are estimated to total 2.268 billion lbs.

May 25 Soybeans  closed at $10.14 3/4, down 8 1/4 cents, currently up 4 3/4 cents

Nearby Cash  was $9.56 1/4, down 9 3/4 cents,

Jul 25 Soybeans  closed at $10.28 1/4, down 9 cents, currently up 5 cents

Nov 25 Soybeans  closed at $10.19 1/4, down 9 3/4 cents, currently up 3 3/4 cents

New Crop Cash  was $9.55 1/1, down 10 1/4 cents,