Soybean futures slipped below $10 at the end of the holiday-shortened trading week. The agricultural commodity is looking to bounce back after last year’s bear market, during which the crop fell more than 20%. Based on recent developments, soybeans might repeat the losses endured in 2024.

February soybean futures plummeted $0.1225, or 1.21%, to $9.9975 per bushel at 14:10 GMT on Friday on the Chicago Board of Trade (CBoT). Soybean prices are poised for a weekly gain of 2%.

Global financial markets are digesting the latest US Department of Agriculture (USDA) data, highlighting weaker-than-expected sales.

According to the USDA, soybean export sales totaled 484,700 metric tons in the 2024-2025 marketing season for the week ending Dec. 26. This is down 51% from the week previous and fell short of the consensus forecasts.

China was the chief purchaser of US soybeans.

Meanwhile, on the supply front, rains are anticipated to travel through key growing areas of Argentina over the next two days. This comes as the southern region of Brazil, an important location for the soybean crop, is not expected to see much rain.

Still, according to recent estimates from StoneX, the 2024-2025 Brazilian soybean was lifted by 5.2 million metric tons to 171.4 million metric tons.

In other agricultural commodities, wheat export sales crashed 77% from last week, reaching 140,600 tons, the lowest level of the marketing year.

South Korea was the top wheat buyer.

Corn sales touched the low end of analysts’ projections, touching 777,000 tons for the marketing year. Mexico was the primary buyer of corn.

February corn futures tumbled $0.0625, or 1.36%, to $4.5325 per bushel. February wheat futures declined $0.10, or 1.83%, to $5.355 a bushel.

Here is a breakdown of the rest of the agricultural commodities market: February live cattle futures edged up $0.00575, or 0.3%, to $1.94175 per pound. February coffee futures fell $0.0495, or 1.51%, to $3.219 a pound. February cocoa futures dipped $40.00, or 0.36%, to $11,097 per metric ton.