Prices for soybeans fell to the lowest level in 4 years
November soybean futures on the Chicago Board of Trade declined for seven consecutive sessions and settled at $11.50/bushel, the lowest since April 18 and the lowest in 4 years, Reuters reports.
“June is the most traded month for new-crop soybean futures, when annual highs are reached. However, the current sales period has come earlier than in recent years, despite the fact that American farmers have 20% of the planting season ahead of them,” the report said.
The last time new-crop soybean futures fell for seven or more consecutive sessions was in March 2023, and that streak of 13 sessions was the longest in at least 50 years.
The current trading sessions are also characterized by a relatively low premium for old crop soybeans compared to new crop soybeans, indicating a less urgent need for supplies than in recent years.
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