Global soybean market attention remains focused on weather dynamics in North America

2024/25 SOYBEAN MARKET OUTLOOK - JUNE 2024

The global soybean market is currently driven by various supply-side factors, most notably early season U.S. crop conditions amid volatile weather (i.e. lack of moisture in eastern Soy Belt vs. excessive moisture in its western counterpart) and uncertainties/expectations surrounding USDA's June revisions in its Acreage report which is scheduled to be released on 28 June.

The near-term direction of the market will likely continue to be dictated by the supply side of the equation - the main theme remains focused on weather dynamics in North America as crops move through important early reproductive stages.

South America's dominance in the export market remains intact despite a recent surge of U.S. exports, as China's dependency on Brazil crops grows stronger (despite its recent tax rule changes) with its harvest season now complete exceeding output expectations.

Около минуты

28 июня 2024