Soybeans futures rose to above $10.7 a bushel, the highest since January 2017 as China is expected to buy more US soybeans in the coming weeks amid reports that the Chinese national reserve is set to auction a major portion of its stocks and as Brazilian old crop soybeans almost sold out. Meanwhile, USDA reported the sale of 132,000 metric tons of US soybeans to an unknown buyer which is believed to be China or the EU. On October 16th, Brazil announced that it would suspend the import tariffs on corn, soybeans, soy meal, and soy oil from countries outside the Mercosur trade bloc.
Historically, Soybeans reached an all time high of 1794.75 in September of 2012. Soybeans - data, forecasts, historical chart - was last updated on October of 2020.
Soybeans is expected to trade at 1057.25 USd/BU by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 977.48 in 12 months time.