Soybeans Prices man

Soybean prices averaged USD 1,167 cents per bushel in April, down 0.9% from March. On 30 April, the commodity traded at USD 1,182 cents per bushel, up 0.9% from 31 March.

In April, soybean prices hovered near March’s 22-month high. The ongoing war in the Middle East has not only led to spikes in energy, shipping and insurance costs, but has also made soybean-derived biofuel a cheaper alternative. As a result, top producers—including Argentina, Brazil and the U.S.—recently boosted the use of soybeans for biodiesel; the U.S. recently set its highest target on record for biofuel blending mandates, lending support to prices, as markets expect demand to pick up.