Soybean futures traded around $13.9 per bushel, slightly below a 4-week high of $14 on August 28th, as concerns about supply alleviated somewhat. US government data showed that the decline in crop conditions due to hot and dry weather was not as severe as initially anticipated. The USDA rated 58% of soybean crop as good to excellent, only a slight decrease from 59% the previous week. Nevertheless, production remains at risk as soybeans are in a critical developmental stage and are vulnerable to damage from extreme temperatures. Forecasts indicate hotter and drier weather in the central part of the United States. Conversely, El Nino is anticipated to bring more rainfall to South America, potentially leading to record production in Brazil and nearly doubled output in Argentina. Meanwhile, the USDA confirmed private sales of 296,000 tons of new-crop soybeans to undisclosed buyers, signaling robust demand.
Historically, Soybeans reached an all time high of 1794.75 in September of 2012. Soybeans - data, forecasts, historical chart - was last updated on August of 2023.
Soybeans is expected to trade at 1356.00 USd/BU by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1283.64 in 12 months time.