Lower soybean price due to expected record harvests

A record crop of soybeans is expected in the United States. The eyes of the oilseed market are therefore focused on sowing activities there. The planting is going well. As of May 14, 49% of US soybean acreage was sown. The 5-year average is 36% on the same reference date. According to the US Department of Agriculture (USDA), America expects soybean production of 122.7 million tons this season. For comparison, in 2022-23 and 2021-22, 116.4 million tons and 121.5 million tons of soybeans were h