Soybeans Climb Higher As Inventories Fall To 10 Year Low

Soybeans climbed to the highest price in more than nine months after inventories in the U.S., the world’s largest producer, fell to the lowest level in a decade. Corn extended a bull market rally.

The soybean contract for May delivery advanced as much as 1.2 percent to $14.8175 a bushel on the Chicago Board of Trade, the highest for a most-active contract since June 6, and was at $14.7925 by 10:26 a.m. in Singapore. Prices climbed 13 percent last quarter, the most since the first three months of 2012.

Stockpiles in the U.S. dropped to 992.3 million bushels as of March 1, the lowest for that date since 2004 and compared with 998 million a year earlier, the Department of Agriculture said yesterday. Supplies stored on farms were 381.9 million bushels, compared with 456.7 million a year earlier, according to the USDA. Soybeans held in commercial grain bins were 610.4 million bushels versus 541.3 million, it said.


This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Mingze Wu

Mingze Wu

Currency Analyst at Market Pulse
Based in Singapore, Mingze Wu focuses on trading strategies and technical and fundamental analysis of major currency pairs. He has extensive trading experience across different asset classes and is well-versed in global market fundamentals. In addition to contributing articles to MarketPulseFX, Mingze centers on forex and macro-economic trends impacting the Asia Pacific region.
Mingze Wu