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

Morpher AI identified a bearish signal. The commodity price may continue to fall based on the momentum of the negative news.

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

SOY Technical Analysis

SOY News

Soybeans Hits Near 4-year Low

Soybeans decreased to a near 4-year low of 1003.00 USd/Bu. Over the past 4 weeks, Soybeans lost 6.05%, and in the last 12 months, it decreased 23.81%.

0 Missing News Article Image Soybeans Hits Near 4-year Low

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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.
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Disclaimer
Morpher is not liable for the content of the AI investment insights. Like most GPT-powered tools, these summaries may contain AI hallucinations and inaccurate information. Morpher is not presenting you with any investment advice. All investments involve risk, and the past performance of a security, industry, sector, market, or financial product does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs. These summaries do not constitute investment advice.