Soybeans prices averaged USD 1,185 cents per bushel in March, up 1.3% from February. On 29 March, the commodity traded at USD 1,192 cents per bushel, up 5.6% from 29 February.
Soybean prices regained some ground in March, following three consecutive months of decline. Supply concerns largely fueled the increase amid excessive rainfall in Argentina. Nevertheless, prices remained at some of the lowest levels since late 2020 due to sluggish export demand, particularly from China, and Brazil’s near-record harvest. In addition, the USDA recently forecast a 3% annual increase in planted acreage in 2024 in the U.S., boding well for supply.
This chart displays Soybeans (US¢/bu) from 2022 to 2024.
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 | - | - | - | - | - | 1,678 | 1,475 | 1,434 |