Soybean Prices Slip on Strong Dollar and Ample Supply
Soybean futures declined to about $9.8 per bushel, pressured by a stronger U.S. dollar as traders awaited the U.S. presidential election outcome, with markets increasingly anticipating a win for Donald Trump. Ample U.S. soybean supplies also added to the downward pressure. Meanwhile, Argentina’s soybean production forecast for 2024/25 was raised to 52 million metric tons, driven by farmers shifting from corn to soybeans in response to low corn prices and expected dry conditions. Argentina’s soybean planted area is projected to grow by 7% to 44 million acres, the largest increase since 2015–16. In Brazil, planting is moving forward, with 52.9% of the expected area sown, up from 50.6% last year. Brazilian soybean acreage for the 2024–25 season is expected to increase by 2.8% to 117 million acres, marking the slowest growth in a decade due to lower profit margins.