Soybeans futures fell below $10 per bushel from a one-month high of $10.3, on expectations of lower demand amid unfavorable environment for biofuel industry under new Trum administration. President-elect Donald Trump’s nominee for the U.S. Environmental Protection Agency (EPA) head, Lee Zeldin is expected to weaken the Renewable Fuel Standard Program that requires transportation fuel sold in the United States to contain a minimum volume of renewable fuels. Additionally, China, the world’s top soybean importer, is expected to cut its imports by 9.5% for the marketing year ending September 2025, lowering demand from 109.4 million metric tons to 98.8 million tons. Chinese buyers have been stockpiling ahead of the U.S. election, anticipating that trade tensions with the U.S. may worsen under Trump’s return. Meanwhile, Russian wheat exports have also slowed, as demand remains weak and a new export regulation is introduced to curb domestic price hikes.
Soybeans decreased 288.72 USd/BU or 22.24% 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 November 18 of 2024.
Soybeans decreased 288.72 USd/BU or 22.24% 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 961.16 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 917.72 in 12 months time.