Soybean futures rose back to the $15 per bushel mark at the end of January, recovering from a two-week low of $14.78 hit on January 25th and moving closer to a seven-month peak of $15.5. Strong demand expectations continued to provide some support, with China set to boost purchases in the coming months as the economy of the world's largest soybean importer reopened after three years of pandemic isolation. Meanwhile, concerns about supply disruptions eased amid an improvement in Argentina rains and the early harvest progressing in Brazil. Elsewhere, data from the US Department of Agriculture confirmed private sales of 130,000 tonnes of soybeans for delivery to unknown destinations in the 2022/23 marketing year. At the same time, the weekly export inspection data showed 1.806 million tonnes of soybeans were inspected for export in the last week, below 2.190 million tonnes in the week before.
Historically, Soybeans reached an all time high of 1794.75 in September of 2012. Soybeans - data, forecasts, historical chart - was last updated on February of 2023.
Soybeans is expected to trade at 1545.15 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 1652.28 in 12 months time.