Soybeans futures rose toward $16.5 per bushel, up from a 6-week low of $15.8 hit on June 24th, in tandem with crude, soymeal and soyoil futures while improved weather in North America eased concerns about yields damage. Elsewhere, soy output was above average this season in Mato Grosso, the biggest producing state in Brazil. Soybeans prices hit record levels of $18 hit in the second week of June amid concerns that hot weather in the US could damage yields, alongside high demand from top importers and tight supplies from major producers. Also, surging fertilizer prices due to the war in Ukraine could hamper the bullish production forecasts from major South American producers such as Brazil, Argentina, and Paraguay. Brazil, the world's largest producer, imports 85% of its fertilizers, mostly from Russia.
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.