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Rising prices and shifting tides in the soybean market

Writer's picture: Avi ShaposhnikAvi Shaposhnik

The global soybean market is experiencing notable fluctuations. From production adjustments to price alterations, the landscape is dynamically evolving. In this uncertain landscape, stakeholders may consider exploring hedging strategies to navigate potential price volatility and mitigate risks in the evolving market.

  • U.S. soybean production down by 95 million bushels for 2023/24.

  • Notable price shifts: Soybean at $12.70/bushel, up by $0.30.

  • Canada’s canola crop impacted by drought; drops by 1.3 million tons.

  • Global soybean stocks see a decrease by 1.6 million tons.

U.S. soybean supply changes point towards an increase in beginning stocks, coupled with reduced production and exports. Notably, the production forecast stands at 4.2 billion bushels, reflecting a drop of 95 million based on yield adjustments. Meanwhile, the supply projection is set at 4.5 billion bushels, marking a 2% decline from the previous year.


Prices are seeing an upward shift. The average soybean price for 2023/24 is set at $12.70 per bushel, an increase of $0.30 from the previous month. Additionally, the soybean meal price is projected at $380 per short ton, and the soybean oil is pegged at 62 cents per pound.

On the global front, oilseed supply and demand changes include diminished exports, a decrease in crush rates, and an increase in ending stocks. Specific variations include a significant boost in sunflower seed production from Ukraine and Russia and a downward adjustment in Canada's canola output due to intensified droughts.


Global soybean exports are anticipated to decrease by 0.5 million tons, primarily attributed to reduced U.S. exports. Additionally, countries such as Bangladesh, Egypt, and Pakistan are seeing reductions in soybean crush and imports, aligning with past market year revisions. The global ending stocks for soybean are projected to decrease by 1.6 million tons.


In the ever-evolving 2023/24 soybean market, it's vital to analyze, strategize, and execute effectively. With Hedgify, you can harness data-driven insights, craft personalized risk management strategies, and leverage the Price Protection Guarantee to navigate these complex shifts with confidence.


The information provided in this market insight is for general informational purposes and should not be considered as financial advice. It is not intended to offer any financial recommendations or endorsements. Any decisions made based on the content are the sole responsibility of the reader.

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