Soybean futures are trading at their best levels in two years as the US government slashed its domestic supply forecast. The agricultural commodity has continued to trade above $10 for most of October, and soybean prices are looking to test $11 in the second half of the month. With foreign demand remaining strong and the greenback slumping again, could the crop surge to a
November soybean futures advanced $0.0675, or 0.65%, to $10.405 per bushel at 15:47 GMT on Tuesday on the Chicago Board of Trade (CBoT). Soybean has been one of the
The US Department of Agriculture (USDA) released its revised forecast for soybean inventory. The agricultural department projected that soybean supplies would be smaller than previously expected, alluding to adverse weather conditions that could impact the acreage that farmers would harvest.
According to the USDA’s monthly World Agricultural Supply and Demand Estimates Report, soybean stocks are anticipated to slide to a
Both producers could continue to benefit from weaker currencies. Each nation has an advantage over the other: the US is in a
Meanwhile, in the USDA’s weekly crop progress report, 63% of soybeans are rated in
A strengthening greenback is putting a lid on soybean’s increase on Tuesday. The US Dollar Index, which gauges the greenback against a basket of currencies, rose 0.48% to 93.52, from an opening of 93.03. A stronger buck is bad for
In other agricultural markets, November corn futures picked up $0.0275, or 0.71%, to $3.9175 a pound. November wheat futures fell $0.01, or 0.17%, to $5.9525 per bushel. December coffee futures surged $0.012, or 1.1%, to $1.1035 a pound.
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