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Soybean Continues Rally on Favorable Forecasts

April 9, 2014 at 16:17 by Andriy Moraru

Soybean price continued to trade in a bullish wave today and rose to a new 9-month high level, following similar success yesterday. The current optimism regarding this agricultural commodity is heated by the USDA report forecasting decline in both US and global inventories.

The US stocks of soybeans by the end of 2013/2014 period are now projected at 135 million bushels, down from 145 million bushels in a similar report released a month ago. The USDA projections for the global stockpiles was revised from 70.64 million tons to 69.42 million tons for the same period. Both usage and production is expected to grow globally for soybeans. Average price forecast has been upwardly revised too.

The oilseed is trading in a powerful rally since late January. After some significant interruptions during March 10 and 11 sessions, the trend has returned to its strength.

Soybean futures with delivery in May rose from $14.9366 per bushel to $14.9866 per bushel as of 16:14 GMT on CBoT today. The daily high was set at $15.1104/bushel today — the highest level since July 23, 2013.

If you have any questions and comments on the commodities today, use the form below to reply.

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