The soybean futures chart currently marks November 2024 contracts at $12.60, supported by long-term demand growth from biodiesel producers. Hedge funds have increased net-long positions by 8% week-on-week, signaling a firm market outlook. On the bright side, export demand for U.S. corn has been good recently, which is likely to keep a floor under prices. New U.S. trade deals in the coming months would likely produce even more global demand for U.S. corn. Wen, T., Li, P., Chen, L., and An, Y. (2023). Market reactions to trade friction between China and the United States: evidence from the soybean futures market. J. Manag. Sci. Eng. 8, 325–341. doi: 10.1016/j.jmse.2022.12.002 Data from the soybean futures chart points to front-month contracts climbing to $12.
