Soybean prices moderated in August, averaging USD 1,362 cents per bushel, down 8.1% from July’s price and 9.2% lower year on year. Meanwhile, on 31 August, the spot price was USD 1,360 cents per bushel, 5.9% lower month on month.
Despite a bullish U.S. WASDE report in August, which saw U.S. output estimates drop over 2% month on month, prices slid further from July’s peak; markets had penciled in the forecast adjustment while also anticipating the beginning of the U.S. harvest in September. Additionally, output estimates for Argentina and Brazil were unchanged, with the latter still expected to deliver a record harvest in the 2023/24 marketing year, easing supply concerns. A stronger U.S. dollar in August and record exports from Brazil through July were also bearish for prices. More supportively, reported record imports from China in the 2022/23 marketing year capped the price drop. Meanwhile, unusually hot and dry weather in the U.S. corn belt in the second half of the month sparked concerns of crop damage, leading to an uptick in prices at month-end.
Soybeans CBOT (prices in US¢/bu, aop)
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