Soybean prices averaged USD 1,333 cents per bushel in September, 2.2% lower than August’s price and down 6.7% year on year. In addition, on 29 September, the spot price was USD 1,275 cents per bushel, down 6.3% month on month.
Over the last month, a series of factors likely weighed on soybean prices. For one, a stronger U.S. dollar made purchases more expensive and dampened demand. Moreover, as of 1 September, U.S. soybean stocks were markedly above market expectations, while recent data from the U.S. Department of Agriculture showed that the U.S. soybean crop is advancing well. Finally, Brazil saw a record harvest this year, which has likely kept the market well supplied.
Soybeans CBOT (prices in US¢/bu, aop)
Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | |
---|---|---|---|---|---|---|---|---|
Soybeans CBOT | - | - | - | - | 1,559 | 1,678 | 1,475 | 1,434 |