Soybean Tops $14 amid Bullish USDA Report, Weather in Brazil
Soybean futures soared on Tuesday, topping $14 for the first time in nearly a month after a new US government report anticipated tighter ending stocks. A weaker greenback contributed to the crop’s substantial rally. Without a substantial injection of new supply, how much higher can soybean prices go this year?
March soybean futures surged $0.185, or 1.33%, to $14.0625 per bushel at 14:12 GMT on Tuesday on the Chicago Board of Trade (CBoT). Soybean prices flatlined last week, but they are still up more than 7%
According to the US Department of Agriculture (USDA), there will be reductions in ending stocks for soybeans, corn, and wheat. It also trimmed its corn and soybean harvest views for Argentina and Brazil. Overall, it was a bullish report for the agricultural sector, which has been
Industry observers are also warning that heavy rains will impact Brazil’s soybean harvest this month. Since the rainfall can impact the country’s
Since global demand is projected to continue skyrocketing for the remainder of 2021, foreign markets are attempting to alleviate the situation. Indonesia, one of the world’s largest soybean producers, will soon officially unveil a
The greenback is also supporting soybean prices. The US Dollar Index (DXY), which measures the buck against a basket of currencies, tumbled 0.38% to 90.59, from an opening of 90.91. A lower buck is good for
In other agricultural commodities, March corn futures added $0.04, or 0.71%, to $5.6776 per pound. March wheat futures picked up $0.0075, or 0.11%, to $6.56 a bushel. March coffee futures slumped $0.006, or 0.48%, to $1.235 per pound.
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