Soybean prices may reach $14 per bushel in the next three months – up from an estimate of $12.50 per bushel according to Goldman Sachs. Demand from China for U.S. soybeans is growing stronger based on concerns over output from Brazil, the world’s largest exporter, being smaller than expected. The U.S. Department of Agriculture (USDA) announced its latest estimate for end-of-season U.S. soybean inventories at 145 million bushels – down from a previous estimate of 150 million bushels. Goldman Sachs’ latest estimate for end of season stock stands at 139 million bushels. The USDA has set its forecast for U.S. soybean exports at 1.53 billion bushels – an increase of 1.3% over its previous estimate, and Goldman Sachs has set its forecast for shipments at 1.565 billion bushels. Going into the second half of 2014 pries may ‘strongly decline’ because of record harvests in South America, and if weather is favorable, the incoming U.S. crop.
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