Soybeans prices averaged USD 1,003 cents per bushel in October, down 1.7% from September. On 31 October, the commodity traded at USD 983 cents per bushel, down 7.0% from 30 September.
An improving supply outlook largely drove October’s price decline, namely ample U.S. output, rising production forecasts for Argentina and accelerating planting in Brazil. Planted acreages in the latter two countries are set to pick up notably in the 2024/25 marketing year, assuaging market jitters over global supply. Additionally, a stronger USD on expectations of a Trump victory in the U.S. presidential elections weighed further on soybean prices in October.
This chart displays Soybeans (US¢/bu) from 2022 to 2024.
Soybeans CBOT (prices in US¢/bu, aop)
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
|---|---|---|---|---|---|---|---|---|
| Soybeans CBOT | 1,506 | 1,427 | 1,392 | 1,316 | 1,198 | 1,188 | 1,036 | - |