Soybean futures have been rallying each day since Dec. 13, moving up nearly $1.00 per bushel over that period. Jan-22 futures closed last week at $13.32 per bushel, the highest since August 2021.
S&D and fundamental factors
Chinese purchases of U.S. soybeans are down 29 percent vs. last year, with about a month and a half remaining in the U.S. export window before Brazilian soybeans become available in February.
Weather, macro indicators, and news
CGB Enterprises and farmer-owned cooperative Minnesota Soybean Processors plan to build a soybean processing plant in North Dakota. The plant is expected to crush 42.5 million bushels of soybeans in the first year, crushing for soybean meal and oil for use in food and renewable diesel. The plan is for the facility to be up and operational in 2024.
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