Soybean prices rose marginally on average in April, but they fell in the second half of the month. Prices averaged USD 1,488 cents per bushel in April, which was up 0.2% from March’s price but was 11.5% lower than in the same month last year. Meanwhile, on 28 April, the spot price was USD 1,444 cents per bushel, which was 4.1% lower than on the same day of the previous month.
Soybean prices were dominated by supply-side factors in April. The April U.S. WASDE report projected lower global output this year, with Brazil’s expected record yield set to compensate for reduced output in drought-hit Argentina and Uruguay. That said, soybeans took a hit from a broader market sell-off in the second half of the month, compounded by improved weather forecasts and cheaper Brazilian exports. Meanwhile, disappointing demand from key importer China in Q1 kept a lid on prices.
This chart displays Soybeans (US¢/bu) from 2021 to 2023.
Soybeans CBOT (prices in US¢/bu, aop)
| Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | |
|---|---|---|---|---|---|---|---|---|
| Soybeans CBOT | - | 1,493 | 1,346 | 1,256 | 1,559 | 1,678 | 1,475 | 1,434 |