US Soybean Futures Scale Up Above $14 Mark As Export Demand Supports

14 Oct 2022 , 01:31 PM

The US Soybean futures are scaling up impressively, adding to their recent surge amid good demand prospects and an impressive rebound in global equities from multi month lows. The USDA has stated in a latest monthly update that global 2022/23 soybean exports estimate is raised 1.0 million tons to 168.8 million with higher exports for Argentina and Brazil that are partly offset by lower exports for the United States and Paraguay. Chinas soybean imports estimate is also are raised 1.0 million tons to 98.0 million with higher global supplies. This is keeping the commodity afloat after it tested nearly two and half month low in first week of October 2022. The counter currently trades at $14.03 per bushel, up 0.57% on the day.Powered by Commodity Insights