Commodities Soybeans is down by 6.85%
Soybeans decreased 6.85% to 1315.25 USd/Bu
What is Soybeans?
Soybeans are a widely traded commodity that is used for various purposes including animal feed, cooking oil, and biofuel. The market for soybeans is influenced by factors such as weather conditions, global demand, and supply levels.
Why is Soybeans going down?
SOY commodity is down 7.2% on Aug 12, 2023 13:00
- 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.
SOY Price Chart
SOY News
Soybean Futures Fall to Over 5-Week Low
Soybean futures extended losses to around $14.1 per bushel, the lowest in more than five weeks due to rainy weather across much of the key U.S. crop belt and forecasts for good growing conditions for August. On the demand side, private exporters reported the sale of 132,000 metric tons of soybeans to China for delivery in the 2023/24 marketing year, the U.S. Agriculture Department said on Monday. Soybean futures hit an over 1-year high of $15.8 on July 27, fueled by concerns over crop yields in the United States and improvement in Chinese demand prospects.
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Soybeans Price History
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.
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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.
