Global oilseed market: The negative supply situation has been digested, and soybean prices have rebounded

Soybean

Argentina

India

Published Mar 12, 2024

Tridge summary

Global oilseed prices are rebounding from a three-year low, with soybean futures expected to rise due to speculative funds holding a record short position. The U.S. Department of Agriculture (USDA) has kept the 2023/24 U.S. soybean supply and demand data unchanged, but lowered its global soybean production forecast for the same period. However, it raised its forecast for China's soybean imports to a record high of 105 million tons. Brazil's soybean exports are predicted to increase, but remain lower than last year. The USDA also predicts an increase in U.S. soybean acreage in 2024, despite drought conditions in growing belts and a less attractive price ratio making soybean planting less appealing.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Foreign media news on March 10: In the week ending March 8, 2024, global oilseed prices continued to rebound from the more than three-year low hit at the end of February. As speculative funds held a record short position in the Chicago soybean futures market The single order means that soybean futures prices are prone to rebound on the back of short-covering. As new South American beans are harvested and put on the market, soybean prices continue to face seasonal pressure, although this bad news may have been digested by the market; at the same time, the market Attention is also turning to planting intentions and weather prospects for the Northern Hemisphere spring planting season. May soybean futures on the Chicago Board of Trade (CBOT) closed at $11.84 per bushel on Friday, up 2.8% from a week ago; the average price of U.S. Gulf soybeans for March shipping was $12.4175 per bushel, up 2.3%; Soybean meal closed at US$341.4 per short ton, up 2.7%; May soybean oil closed at ...

Source: Foodmate