Soybean prices fell further to a 2-year low
International Desk: Soybean prices are falling in the international market. On Monday, the Chicago Board of Trade (CBOT) saw another drop in the price of oilseeds.
In this, the price of the product has fallen to the lowest in the last two years. This information was found in a report of Nasdaq, an influential business-based news agency, citing the news agency Reuters.
It is said that Brazil and Argentina, two of the top producers in the world, have received sufficient rainfall. Soybean cultivation has been boosted in both countries. As a result, there is a strong potential for increased production. If this happens, the supply in the world market will increase. As a result, the price of oilseeds has fallen drastically.
Soybeans, the most active on the CBOT, were down 0.7 percent on the day under discussion. The price is fixed at $12 per bushel. It was $11.98 at the start of the day. Which is the lowest since November 2021.
Argentina has rained at the right time. As a result, soybean growth has improved. The Buenos Aires Grains Exchange raised its oilseed production forecast in the outlook.
Matt Ammerman, Commodity Risk Manager at Stonex, a world-renowned financial institution, said favorable weather conditions for soybean production are prevailing in the South American region. As a result, the price of the main ingredients for making edible oil has gone down. Brazil and Argentina are also expected to rain this week. Accordingly, if it rains, it will be a golden sohaga for soybeans.
