Chicago soybeans futures were trading around $14 per bushel in April, not far from a near seven-year high of $14.4 hit last month, amid concerns over global supplies after domestic processors and importers led by China loaded up on grain and oilseeds this season. The US Department of Agriculture said that farmers plan to sow 87.600 million acres with soybeans this year, the most since 2018, but missing market expectations of 89.996 million. Recent customs data from China added to the bullish tone, with soybeans imports soaring in the first quarter, boosted by robust demand from the livestock sector.
Historically, Soybeans reached an all time high of 1794.75 in September of 2012. Soybeans - data, forecasts, historical chart - was last updated on April of 2021.
Soybeans is expected to trade at 1396.27 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 1290.93 in 12 months time.