SINGAPORE:The CBOT soybeans Futures May contract may retest a resistance level at $14.50 per bushel, but a break above this level could result in a drop to $14.40. As concerns about a widespread financial crisis weighed on demand prospects, soybeans futures trade fell -0.19 to the $14.67-3/4 per bushel level.
However, substantial corn purchases by China and even some business in old-crop soybeans have somewhat revitalized the U.S. market as the grain market and oilseeds export prospects in the United States had begun to deteriorate over the previous few weeks due to declining sales.
In the interim, concerns about CBOT soybeans futures stay over the provisions from Argentina, the world’s top exporter of the ware.
The Buenos Aires grains exchange reduced its forecast for soybean production in 2022 and 2023 from 29 million tonnes to 25 million tonnes.
While as a prolonged drought continues to wreak havoc on the crop. On the other hand, it is anticipate that Brazil’s soybeans production will reach a historic high of 153 million metric tons in 2022/23. This is 24 MMT, or 18 percent more than the crop that affected by the drought the previous season.