Chicago soybean futures rose toward $16 per bushel for the first time since September 2012, tracking gains in corn and wheat amid strong demand and concerns over global supplies. Tight oilseed stocks have been supporting the market despite fear over diminished vegetable oil demand in India due to a surge in coronavirus cases. Chinese soybean imports hit 7.77 million tonnes in March, an annual increase of 82%, boosted by robust demand from the livestock sector. Meanwhile, the imports from Brazil, the world's top exporter, dropped to the lowest since January 2017 as rain delayed some shipments. Also, the cool and dry weather in Midwest can impact the crops despite US farmers planning to sow 87.600 million acres with soybeans this year, the most since 2018.
Historically, Soybeans reached an all time high of 1794.75 in September of 2012. Soybeans - data, forecasts, historical chart - was last updated on May of 2021.
Soybeans is expected to trade at 1579.18 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 1460.03 in 12 months time.