Chicago soybean futures fell to $14.2 per bushel, the lowest in over two weeks, hit with a supply and demand double whammy. Agribusiness consultancy Datagro said South American soybean production will hit a record high in the season that is now being planted, citing an expected area expansion to an all-time high. In addition, the forecast point to improved weather conditions during the US harvest. On top of that, there are growing worries that a global recession will hit demand for the oilseed used in everything from renewable fuel to salad dressing.
Historically, Soybeans reached an all time high of 1794.75 in September of 2012. Soybeans - data, forecasts, historical chart - was last updated on September of 2022.
Soybeans is expected to trade at 1458.66 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 1561.18 in 12 months time.