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U.S. soybean futures fell about 1.4% on January 25, 2024, as weak export demand and strong competition from Brazil weighed on prices. USDA reported weekly export sales of 560,900 metric tons, below trade expectations.
Soybean oil also tumbled on reduced demand from renewable diesel plants and food makers.
Weak export sales and softer domestic oil demand signal that U.S. soybeans are losing share to cheaper Brazilian supply, which pressures soybean and soyoil prices. Lower soyoil also reduces the value of the crush, weighing on meal supply economics.
agcanada.comAGCanadaJan 25, 2024After 803 past bearish trade events, Soybeans moved a median +0.0% over 5 sessions (51% higher; middle half -1.7% to +1.7%), and +0.9% over 20.
After 152 past bearish trade events, Soybean Oil moved a median -0.2% over 5 sessions (47% higher; middle half -2.1% to +2.1%), and -0.1% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Weak renewable diesel and food-maker demand for soyoil, plus soft export sales, built bearish sentiment ahead of the Jan 29 drop.
