Soybeans ($SOY) Commodity Forecast: Down 6.3% Today

What is Soybeans?

Soybeans are utilized for animal feed, cooking oil, and biofuel production, making them a versatile commodity. Recently, the soybean market has experienced a downturn.

Why is Soybeans going down?

SOY commodity is down 6.3% on Aug 14, 2024 0:00

• The near 4-year low in soybean prices reflects a pronounced downward trajectory.
• Ongoing price declines indicate a potential imbalance between supply and demand.
• The market's bearish trend may be influenced by trade disputes, weather-related harvest issues, or changing consumer preferences impacting soy product demand.

SOY Price Chart

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Soybeans Price History

12.07.2023 - SOY Commodity was down 7.2%

• The bearish movement in soybeans can be attributed to the following factors:
• 1. Rainy weather and good growing conditions: The rainy weather across the key U.S. crop belt and forecasts for favorable growing conditions in August have raised expectations of a strong soybean crop. This has led to increased supply expectations, putting downward pressure on soybean prices.
• 2. Strong supply from China: The news of private exporters reporting the sale of a significant amount of soybeans to China for delivery in the future marketing year indicates a strong supply from China. This suggests that the demand for soybeans may not be as robust as previously anticipated, further contributing to the bearish movement.
• 3. Previous concerns easing: The bearish movement in soybeans comes after the market reached an over 1-year high fueled by concerns over crop yields in the United States and improved Chinese demand prospects. With these concerns easing, investors may be taking profits and driving down prices.
• Overall, the bearish movement in soybeans can be attributed to favorable growing conditions, strong supply from China, and profit-taking after previous concerns eased.

11.07.2023 - SOY Commodity was down 5.1%

• Soybean futures fell to a 5-week low due to rainy weather in the key U.S. crop belt and favorable growing conditions expected for August.
• The market was also affected by the news of a large sale of soybeans to China, indicating strong demand.
• The previous surge in soybean prices was driven by concerns over crop yields in the United States and improving Chinese demand prospects.
• Overall, the bearish movement in soybeans can be attributed to favorable weather conditions and increased supply expectations, along with the absence of immediate concerns over crop yields and demand.

10.06.2024 - SOY Commodity was down 2.9%

• Soybeans hit a 10-week low at 1142.00 USd/Bu, signaling a significant downward trend.
• Over the past 4 weeks, there has been a continuous decrease with a substantial 17.04% drop in the last 12 months, indicating a persistent bearish sentiment.
• Possible factors contributing to the downward pressure on soybean prices may include oversupply, trade tensions affecting export demand, and unfavorable weather conditions impacting crop yields.

14.07.2024 - SOY Commodity was down 6.3%

• The near 4-year low in soybean prices reflects a pronounced downward trajectory.
• Ongoing price declines indicate a potential imbalance between supply and demand.
• The market's bearish trend may be influenced by trade disputes, weather-related harvest issues, or changing consumer preferences impacting soy product demand.