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17.11.202519:10:41UTC+00Soybeans Surge to July 2024 Highs

Soybean futures are approaching $11.60 per bushel, marking their highest level since July 2024, driven by diminishing stocks and new export demand. China's urgent acquisition of seven US shipments scheduled for December and January has increased physical bids, signaling immediate consumption. This comes as the USDA's November report reduced global production by approximately 4.1 million tonnes to around 421.75 million tonnes, and global ending stocks to about 121.99 million tonnes, depleting the safety net traders had counted on. The rise in soymeal and soy oil prices has further spurred buying by crushers and feed users, a result of regulatory uncertainties in Europe and strong Asian feed demand driving meal values up. Meanwhile, planting in South America remains inconsistent, making the crop susceptible to potential downward revisions. Competitive offers from the US Gulf, priced at premiums compared to Brazil, alongside active export tenders, have confirmed that nearby supplies are quickly depleting. This scenario, combined with significant purchasing by major importers amid smaller global stock reserves, is maintaining the upward pressure on prices.

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