Soybean Futures Market & USDA’s April Supply and Demand Report

soybean futures

Soybean Insights: Market Trends and Projections

In the realm of soybean trading, May delivery futures have surges by 6.5¢reaching $11.67¼ per bushel. Concurrently, soymeal experienced a Up of $0.9 to $345.00 per short ton, while soy oil displayed resilience, surges 0.27¢ to reach 45.35¢ per pound.



Contract Last Change Open High Low Close
24-May 11.675 6.5 11.61 11.69 11.58 11.675
24-Jul 11.82 5.5 11.765 11.8425 11.73 11.825
24-Aug 11.8375 5.25 11.7825 11.86 11.75 11.8425

Soybean Oil

Contract Last Change Open High Low Close
24-May 0.4531 0.27 0.45 0.4547 0.4469 0.4535
24-Jul 0.4588 0.22 0.4565 0.461 0.4529 0.4593
24-Aug 0.4607 0.21 0.4582 0.4627 0.4548 0.4609

Soybean Meal

Contract Last Change Open High Low Close
24-May 3.452 0.9 3.44 3.483 3.425 3.45
24-Jul 3.461 1.3 3.447 3.49 3.436 3.46
24-Aug 3.463 1 3.448 3.493 3.44 3.464

Click Here To View April 23, 2024 Report

USDA’s April Supply and Demand Report Highlights Soybean and Corn Forecasts

The latest supply and demand report from the United States Department of Agriculture (USDA) released on April 11th made limited waves in the market, mainly due to marginal alterations from the previous March report. However, certain aspects drew attention, particularly the steady figure of 155 million tons for Brazilian production, contrasting with the market’s expectation averaging around 151.7 million tons. This disparity underscores the challenges in accurately gauging this season’s output, with notable divergences among research entities. For instance, Conab, the National Supply Company, previously estimated production at approximately 146.8 million tons. USDA maintained its projection for the US soybean crop at 4.165 billion bushels for 2023/24, equivalent to 113.35 million tons, with a yield of 50.6 bushels per acre, mirroring March’s figures.

USDA April Supply and Demand Report Summary



2023/24 Projection


Market Expectation

Brazilian Production

155 million tons


Expected: ~151.7 million tons

US Soybean Crop

4.165 billion bushels (113.35 million tons)


US Soybean Yield

50.6 bushels per acre


US Ending Stocks

340 million bushels (9.25 million tons)

Increased slightly

Expected: 319 million bushels (8.68 million tons)

Global Soybean Crop

396.73 million tons

Slightly decreased

Expected: 396.85 million tons

Global Ending Stocks

114.2 million tons

Slightly decreased

Expected: 112.6 million tons


  • Insights from South American Crop Consultant

Dr. Michael Cordonnier, a respected South American crop consultant, left his estimates unchanged for Brazilian crops, forecasting 147 million metric tons for soybeans and 112 million metric tons for corn. He maintains a neutral to slightly optimistic outlook for both crops, particularly focusing on the safrinha corn crop as soybean harvest activities wind down.. In Argentina, Cordonnier’s estimates stand at 51 million metric tons for soybeans and 50 million metric tons for corn, with a neutral stance towards soybeans and a slight pessimism regarding the corn crop, contingent on the spread and impact of corn stunt disease across northern and central regions.

EU’s Regulations Targeting Deforestation in Supply Chains

As part of the Green Deal initiatives, the European Union (EU) implemented regulations last year to address deforestation, impacting supply chains both within the EU and globally. soybean imports or its derivatives into the EU, affecting the 2024 harvest, will necessitate a traceability certificate or geocoordinates of the field, along with confirmation of deforestation-free practices.

Agricultural Developments in Argentina

Recent rainfall across most agricultural regions in Argentina has delayed soybean and corn harvests but has provided favorable conditions for winter wheat sowing. Anticipated reduced precipitation intensity this week is expected to expedite harvest operations. Despite these developments, soybean futures on the Chicago stock exchange rose by 0.9% to $426 per ton, driven by delays in soybean supplies from Argentina, albeit tempered by decreased demand from China. According to the Grain Exchange of Buenos Aires (BAGE), as of April 17th, soybean harvesting progressed on 13.9% of the area (below the five-year average of 35.9%), while corn harvesting stood at 17.2%, with an average yield of 8.79 tons per hectare. 

Shifting Dynamics in Soybean Trade

In the first quarter of the year, China reduced soybean imports from the U.S. by 50%, amounting to 7.14 million tons compared to the same period last year, while ramping up imports from Brazil by 155%, totaling 9.99 million tons. Despite this, U.S. soybean exports for the 2023/24 Marketing Year (MY) decreased by 18.2% to 38.488 million tons. Concurrently, soybean planting rates in the U.S. have doubled the five-year average, reaching 8% by April 21st, exerting downward pressure on prices in the foreseeable future.

Outlook on Brazilian Soybean Production

Brazil’s remarkable soybean harvest exceeding 160 million metric tons last year marked a substantial increase from a decade ago, driven by heightened global demand. Analysts, including agencies from the U.S. and Brazil, initially underestimated this surge prior to the season. While prospects for another substantial harvest exist this year, uncertainties loom over the timing of surplus supply influx. Unfavorable weather conditions are anticipated to dampen Brazil’s current soybean harvest, amplifying the discord between USDA and Conab forecasts. 

Brazil Soybean Crop Summary



Harvest Progress

Yield (bu/ac)

Production Estimate (million tons)

Harvest Challenges

Brazil (Overall)


Conab: 146.5; USDA: 155.0

Rain in Rio Grande do Sul

Rio Grande do Sul


Mixed (Record in some areas, mildly disappointing in others)

Record production expected

Rain, localized flooding

Mato Grosso


Down from initial estimate of 54 sacks/ha to 50.5 sacks/ha

12.92 (down 13.8% from initial forecast)


In conclusion, the soybean market’s intricacies reflect a delicate dance of supply, demand, and global dynamics. As we navigate these fluctuations, staying attuned to market trends and agricultural forecasts is paramount across the supply chain. So we are predicting that soybean market project a Neutral  trend Projections and as well in hovering within the range of $11.0 to $12.0 per bushel.