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Soybeans Fall, Is Rebound Possible?

September 11, 2012 at 20:56 by Vladimir Vyun

Soybean prices fell today, but may yet rebound in the near future on concern about constrained supply. Prices surged to a record this year as drought hurt crops in the United States and Russia. INTL FCStone Inc. estimated that US inventories of the grain will be smallest since 1973 by March.

Soybean futures have advanced 42 percent so far this year. The Standard & Poor’s GSCI Agricultural Index has climbed 17 percent as corn and wheat followed soybeans in the rally. Goldman Sachs Group Inc. predicted that soybean prices will rise 17 percent to the all-time high of $20 next quarter. Yet the crop may retreat as high prices encourage South American nations to ramp up output.

Soybean futures fell as much as $0.1725 (1 percent) to $17.0150 per bushel on CBoT as of 20:46 GMT today.

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

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