Soybeans decreased to a 13-week low of 1568 USd/Bu, tracking lower palm oil prices as Indonesia has increased its export quota while allowing palm oil producers to export seven times the amount it sold domestically from previously five times to reduce high domestic inventories. Meantime, China reportedly cancelled at least five soybean cargoes sold from the US last week. Three August cargoes that had been booked out of Gulf ports and two out of the Pacific Northwest have been settled contractually rather than being physically lifted according to trade reports, with rumors that the volume could partially have been shifted to Brazil.
Historically, Soybeans reached an all time high of 1794.75 in September of 2012. Soybeans - data, forecasts, historical chart - was last updated on July of 2022.
Soybeans is expected to trade at 1655.92 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 1749.09 in 12 months time.