What is the futures forecast for soybeans?
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. Soybeans Futures are available for Trading in The Chicago Board of Trade (CBOT® ).
Main Takeaways. Tighter margins are expected in 2024 for corn, soybeans, and wheat as commodity prices are forecast to be lower and input prices are expected to be flat. Growing demand for sustainable biodiesel fuels will slow soybean price declines relative to the decline in corn prices.
The 2024/25 U.S. soybean outlook includes higher supplies, use, and ending stocks, and lower prices compared to the prior year. Soybean supplies are projected at 4.8 billion bushels, 8 percent above 2023/24 with increased beginning stocks and production.
Soybean futures touched a one-month low as the US dollar strengthened and amid stiff competition for export sales from cheaper Brazilian supplies.
The national average soybean yield is projected at 52 bu. per acre. The projected total supplies from 2024/25 are 17.24 billion bushels of corn and 4.84 billion bushels of soybeans.
Sell Soybeans Now
Soybean export demand improved as the 2023/24 marketing year started, and expanded crush capacity helped domestic demand set new records late in the old-crop marketing year.
USDA's projections closely align with this. USDA forecasts 91 million acres of corn and 87.5 million acres of soybean plantings. Trend-line yields for 2024 point to 181 bushels per acre for corn and 52 bushels for soybeans – yields that, if realized, would result in large crops and a need for increased demand.
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. Soybeans Futures are available for Trading in The Chicago Board of Trade (CBOT® ).
Corn and soybean prices have declined on the back of excess supplies, with disappointing U.S. mandates for plant-based renewable fuels contributing to weakness — and pulling prices for both down by roughly 8% in the first few weeks of the year.
| Commodity | Last | Open |
|---|---|---|
| Corn | 433-4s | 427-2 |
| Soybeans | 1150-4s | 1134-0 |
| Wheat | 551s-0 | 536-6 |
| Cotton | 0.7869s | 0 |
What is happening in the soybean market?
Soybean futures set one-month lows in Wednesday's trading and closed just above session lows amid stiff export sales competition from Brazil a day ahead of the USDA's monthly supply-and-demand report that was expected to show 2023-24 US soybean ending stocks at 317 million bus compared with 315 million in March, and ...
Grain prices have dropped dramatically in the last year. Current prices for 2024 new crop delivery are around $4.15/bu for corn, $11.00/bu for soybeans (2/23/23). This is a decrease of around $1.00/bu for corn and $1.75/bu for soybeans compared to what these prices were expected one year ago (see Figure 1).
Interactive chart of historical daily soybean prices back to 1971. The price shown is in U.S. Dollars per bushel. The current price of soybeans as of April 19, 2024 is $11.5100 per bushel.
Soybean industry
More than 80 percent of soybeans are cultivated in the upper Midwest. The Unites States counted Illinois, Iowa, and Minnesota as their leading soybean producing states as of 2022.
In January 2024, the average monthly price for soybeans stood at 547.38 nominal U.S. dollars per metric ton.
The expected gross profit for this productivity soil is $305/acre for corn and $354/acre for soybeans. Assuming a 50-50 rotation the average gross return would be $330/acre. Net return would be calculated by subtracting out the land rent.
The expected gross profit for this productivity soil is $449/acre for corn and $442/acre for soybeans. Assuming a 50-50 rotation the average gross return would be $446/acre. The net return would be calculated by subtracting out the land rent.
Longtime readers know I make seasonal sale recommendations. This simple concept works well. I suggest making corn and soy-bean sales in May and June while avoiding sales from August through October. This has worked in 30 of the past 40 years.
The season-average farm price is forecast at $6 per bushel, down $1.20 from 2023-24. "The resulting average farm price of $6.00 for 2024-25 reflects the current state of depressed wheat prices worldwide and this report reinforces another tough year ahead for wheat growers," Hultman said.
Projections released by the U.S. Department of Agriculture in October implied the cost per bushel to raise corn domestically in 2024 would be around $4.80, down from 2023. CBOT December corn , which represents the upcoming harvest, has undergone its biggest February slide since 2013, settling at $4.53-1/4 on Thursday.
Is corn more profitable than soybeans?
Producing a 220-bushel corn crop at $6.16 per bushel would result in a producer return of approximately $134 per acre. A 65-bushel yield for soybeans would require a price of $13.29 per bushel to break even.
Basic Info. US Soybean Farm Price Received is at a current level of 11.90, down from 12.80 last month and down from 15.10 one year ago. This is a change of -7.03% from last month and -21.19% from one year ago.
National soybean production in 2022 totaled 4.28 billion bushels, down 4 percent from 2021. The average yield was estimated at 49.5 bushels per acre, 2.2 bushels below 2021. Planted area for the Nation, at 87.5 million acres, was up less than 1 percent from the 2021 planted acreage.
Meanwhile, the United States' shipments declined 14% to 1,789 million bushels in the same period. The United States and Brazil are major competitors and together supply over 80% of soybean global exports, while China accounts for about 60% of total soybean imports.
Transparency Market Research predicts that the value of the global soybean market will grow from $146.23 billion to $215.746 billion between 2017 and 2025. As developing economies such as China grow wealthier, more and more people will likely increase their meat consumption and turn to healthier food.
