At the close of trading on April 16, US soybean futures on the CBOT fell to $420,7 (-$4,9) a tonne, near the lowest level in the past four years, as the strengthening US dollar boosted exports of US oilseeds in the market less competitive compared to cheaper raw material offerings from South American countries.
In addition, analysts at Abiove provided their estimates for Brazilian soybean production in 2023 and initial stocks in 2024, noting the high supply of Brazilian oilseeds on the global market.
Quotations are also under pressure from improving weather conditions in the USA, which support the country's high soybean harvest potential, and lower world market prices for palm oil, a competitor to soybean oil.
Source: oleoscope (Russian)