(Bloomberg) -- Soybeans steadied in Chicago, as traders weighed ample supplies against signs that the recent price drop is fueling fresh demand.
Futures are near the lowest since 2020 amid expectations of big US production. Yields in South Dakota and Ohio are seen higher than the three-year average, according to Pro Farmer Crop Tour samples. US Department of Agriculture data released Monday showed the country’s soy-crop conditions held steady in the latest week, above the year-earlier level.
Meanwhile, there are indications of good demand, with inspections for US exports in the week ending Aug. 15 up 24% from a year earlier.
“Current prices for the 2024 crop seem to by attracting buyers back, with the USDA reporting exceptional new sales,” Argus wrote in a note.
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