Chicago soybean futures moved sideways in late October, trading below $12.5 a bushel and close to an 11-month low of $11.8 hit on October 13th, amid a solid harvesting rate in the US and favorable weather conditions in South America. The USDA crop harvesting report showed 73% of soybean crops had been harvested by October 24th, 3 percentage points above the 5-year average, sustaining the upbeat trend observed so far this harvesting season. Additionally, soaring fertilizer prices have prompted farmers to switch from crops such as wheat and corn to the less fertilizer-intensive soybean. Still, the outlook for soybean has room for upward momentum, as Chinese soyoil prices peaked at a decade high earlier this month on robust demand, with managers in the country’s crushers worried about low soybean oil inventory levels.
Historically, Soybeans reached an all time high of 1794.75 in September of 2012. Soybeans - data, forecasts, historical chart - was last updated on October of 2021.
Soybeans is expected to trade at 1553.62 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 1676.16 in 12 months time.