Soybean futures price current movements put soybean futures

Current movements put soybean futures price at $11.83 per bushel, with daily charts suggesting a consolidation phase. Analysts expect a potential breakout if speculative funds push volume higher ahead of the end-of-month contracts rollover. The soybean (ZSX25), soybean meal (ZMZ25) and soybean oil (ZLZ25) futures markets have been hit by last week’s news that around 40 cargoes of Argentine soybeans were registered for export in November and December during last week’s temporary grain export tax suspension by Argentina’s government, which has since ended. Most of those soybean cargoes were booked by China, which did some bargain buying and is a major soybean importer. In years past, China has been a big buyer of U.S. soybeans. Not so this year. The market quickly shrugged off the bearish surprises to acreage, yield, and soybean exports found in the report. The current overall supply and demand picture, as seen in the stocks-to-use numbers, is not especially bearish. Moreover, there seems to be a general feeling that yield estimates have further to fall in the coming months, especially once harvest begins in earnest and yield monitors and harvest grain flow to elevators can begin to quantify some of the speculation on yield. Soybean futures price traded at $11.86 per bushel, with pressure from rising crude oil prices enhancing biofuel demand projections. This correlation may sustain market upward momentum given the interconnected commodity trends.