econ.sdstate.edu

The South Dakota average price for soybeans late this past week was $9.34 per bushel, 43 cents higher than a week ago.

Unlike the lackluster performance of corn futures this past week, soybean futures put in a rather remarkable performance based on the more traditional fundamentals of supply and demand. While outside markets have had a heavy influence on all commodities in the past, this past week’s soybean trade was supported by stronger demand and weather concerns in South America. In addition, even though U.S. and world production and carryover supplies are projected to increase this past year over a year ago, carryover supplies may still be at risk of declining from current projections if production is impacted in South America and if domestic U.S. demand and export demand stays strong or grows beyond expectations. However, with all that said, it must be remembered that the outside markets of crude oil, currency markets, the stock market, etc. will all weigh in on soybean prices in the months ahead. Price expectations and direction will be as difficult as ever to predict due to the still uncertain length and magnitude of the recovery of the world economy.

USDA’s monthly supply and demand numbers from the most recent World Agricultural
Supply and Demand Estimates report are summarized in a file that is linked below. For complete details, simply click on the link entitled, “Soybean Supply and Demand.”

Soybean basis data and cash soybean price data for various regions of South Dakota is available by connecting with a link at the bottom of this page. To access the charts showing the soybean basis and cash prices for your region of the state, just click on the link entitled “Cash soybean price and basis charts”. This basis information is compiled by the Economics Department at South Dakota State University.