Soybeans

Soybean futures traded at the $15 per bushel mark, hovering close to the six-month high of $15.2 touched on December 30th amid continual global supply concerns. Meanwhile, investors monitored China's economic reopening for demand gauges from the world's top consumer. Persistent dry weather in Argentina, the major producer, supported prices, and drought threats in growing regions of the US drove commodity funds to take all-time high positions in soybean meal, according to the US Futures Trading Commission. Expectations of increasing demand from China also facilitated the rise, as the world's second-largest economy relaxed further its harsh restrictions, shifting away from the zero Covid policy. The benchmark ended a volatile 2022 roughly 12% higher as the war in Ukraine disrupted sunflower oil exports flow from the Black Sea region.

Historically, Soybeans reached an all time high of 1794.75 in September of 2012. Soybeans - data, forecasts, historical chart - was last updated on January of 2023.

Soybeans is expected to trade at 1537.42 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 1645.48 in 12 months time.