Soybean futures have surged above $13 per bushel after hitting a one-and-a-half-year low of $12.7 on May 31st, helped by forecasts of dry weather conditions in the US Midwest, which have raised concerns about newly planted crops. Additionally, bullish April crushing data has provided further support to the soybean market. According to the US Department of Agriculture, US processors crushed 187 million bushels of soybeans in April, surpassing the expectations of analysts. However, concerns about weak demand have been fueled by recent reports indicating mediocre weekly export sales of US soybeans.
Historically, Soybeans reached an all time high of 1794.75 in September of 2012. Soybeans - data, forecasts, historical chart - was last updated on June of 2023.
Soybeans is expected to trade at 1324.23 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 1242.95 in 12 months time.