In Tuesday’s WASDE report, U.S. soybean ending stocks are expected to be reduced by 6 million bushels to 344 million bushels.

Export inspections data showed soybean shipments of 879,190 MT (32.3 mbu) during the week ending March 5. This was down 24.3% from the previous week but up 2.5% compared to the same week last year. China was the top destination with 411,462 MT, followed by Egypt with 161,746 MT and Indonesia with 118,747 MT.

Total shipments for the marketing year have reached 27.09 MMT (995.3 mbu), which is down 29.6% compared to last year.

According to CFTC Commitment of Traders data, managed money added 14,700 contracts to their net long position in soybeans in the week ending March 3, taking the total net long position to 198,902 contracts. Managed money held a net long of 62,087 contracts in soymeal, an increase of 30,392 contracts during the week. In soy oil, speculators added 12,197 contracts, taking the net long position to 75,509 contracts, the largest since November 2022.

According to AgRural, Brazil’s soybean harvest was 51% complete as of Thursday, compared to 61% at the same time last year.