Lower soybean price due to expected record harvests

A record crop of soybeans is expected in the US. The eyes of the oilseed market are therefore focused on sowing activities there. Planting is going well in the US, and as of 14 May, 49% of US soybean acreage was sown. The 5-year average is 36% on the same reference date. According to the US Department of Agriculture (USDA), America expects soybean production of 122.7 million tonnes this season. For comparison, in 2022-23 and 2021-22, 116.4 million tonnes and 121.5 million tonnes of soybeans w