Soybean futures dropped to $11.5 per bushel as US suppliers grapple with stiff competition from South America's abundant yields and competitive prices. China's soybean imports from the US plunged by 50% in March compared to last year, as buyers opted for cheaper offerings from Brazil. China's soybean imports from Brazil surged by 81% in March, reaching 3.02 million tons, exceeding half of the total imports for the month. Total arrivals fell to a four-year low in March to 5.54 million tons, hinged on high prices and weak hog margins discouraging feed crushing. In Q1, China's US soybean shipments halved to 7.14 million tons, while Brazilian shipments soared by 155% to 9.99 million tons, expanding Brazil's market share in China to 54%, surpassing the US at 38%.
Soybeans decreased 139.23 USd/BU or 10.73% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Soybeans reached an all time high of 1794.75 in September of 2012. Soybeans - data, forecasts, historical chart - was last updated on April 26 of 2024.
Soybeans decreased 139.23 USd/BU or 10.73% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Soybeans is expected to trade at 1138.87 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 1078.45 in 12 months time.