There are a few factors that have contributed to the recent decrease in soybean prices.
Entry: 1398'4 - 1399'6
SL: 1406.50
TP1: 1393'6
TP2: 1387'2
TP3: 1376.75
- A record crop is expected in the United States. The US Department of Agriculture (USDA) is forecasting a soybean production of 122.7 million tonnes in 2023, which would be a record high. This is due to favorable weather conditions and an increased area under cultivation.
- Good crop conditions in South America. Soybean production is also expected to be strong in South America, with Brazil and Argentina forecast to produce record crops. This is due to El Niño, which is bringing more rainfall to the region.
- Weakening demand. Soybean demand is also weakening, as China has been importing less soybeans due to its own record crop.
Entry: 1398'4 - 1399'6
SL: 1406.50
TP1: 1393'6
TP2: 1387'2
TP3: 1376.75