econ.sdstate.edu

The South Dakota average price for soybeans late last week was $8.41 per bushel, 17 cents lower than a week ago.

Soybean futures had an up-and-down week this past week, losing four cents on Monday, gaining 15 cents on Tuesday, losing all of those gains on Wednesday and gaining a modest four cents on Thursday. With little news to trade on that could affect a longer term gain, soybean futures were pulled both directions this past week, ending the week with mostly modest gains. Perhaps the biggest news of the week came on Thursday when EPA announced that its renewable fuels standard for biodiesel called for a doubling of domestic demand for biodiesel to one billion gallons by 2012. This news resulted in modest gains thanks to the looming growth of domestic supplies and a projected very large soybean crop in South America that will grow world supplies of soybeans to 2.2 billion bushels, the second largest carryover supply in history.

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.