# Soybean Prices Drop Double Digits

> CBOT soybeans dropped double digits on January 25, 2024, with March closing at $12.23 after weak ethanol output and softer crush expectations. USDA export sales of 560,869 MT were below expectations and only 57% of last year's volume. Canadian canola also fell over 1.5% to near contract lows.

- Date: 2024-01-25 · published 2024-01-25T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/6837-soybean-prices-drop-double-digits
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Canola Meal](https://feedsoft.ai/c/CANMEAL.md)

## Why it matters

Weak export bookings and reduced crush expectations point to ample near-term supply and lower meal and oil demand. This keeps downward pressure on soybeans and soymeal prices for feed buyers.

## Read by commodity

- SBM: bearish ▼
- SBO: bearish ▼
- SOY: bearish ▼
- CANMEAL: bearish ▼

## Sources

- barchart.com: https://www.barchart.com/story/news/23615768/soybean-prices-drop-double-digits

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.