# Soybeans Drop Deeper into $9 Territory, Dragged Down by Products and Big Stocks Forecasts

> Soybeans settled 23 to 24 cents lower on August 13, 2024, with soymeal down $5.20 to $11.70 per ton and soyoil down sharply. USDA raised its US yield estimate to a record 53.2 bushels per acre and projected August 2025 ending stocks at 560 million bushels.

- Date: 2024-08-13 · published 2024-08-13T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/12643-soybeans-drop-deeper-into-9-territory-dragged-down-by-products-and-big-stocks
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

A record yield and large projected stocks signal ample US supply, pressuring soybean and product prices. Brazil's CONAB estimate, below USDA's, offers only limited offset.

## Read by commodity

- SBM: bearish ▼
- SBO: bearish ▼
- SOY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2022-09-01 | [Conab forecasts increased soybean, corn, and cotton production in Brazil](https://feedsoft.ai/events/13701-conab-forecasts-increased-soybean-corn-and-cotton-production-in-brazil.md) | -2.5% | -6.4% |
| SOY | 2024-08-13 | [USDA forecasts record US soybean production and higher stocks, above market estimates - Fastmarkets](https://feedsoft.ai/events/10464-usda-forecasts-record-us-soybean-production-and-higher-stocks-above-market.md) | -5.5% | -3.4% |
| SOY | 2018-08-10 | [Soybeans, Grains Plunge After USDA Raises Production Forecasts](https://feedsoft.ai/events/63478-soybeans-grains-plunge-after-usda-raises-production-forecasts.md) | -0.3% | -6.3% |
| SOY | 2017-08-10 | [USDA Forecasts Record-High Soybean Production in 2017](https://feedsoft.ai/events/69299-usda-forecasts-record-high-soybean-production-in-2017.md) | -4.3% | +0.0% |
| SOY | 2019-02-08 | [Soybean Production Up in 2018, USDA Reports Winter Wheat Seedings and Grain Stocks also reported](https://feedsoft.ai/events/60450-soybean-production-up-in-2018-usda-reports-winter-wheat-seedings-and-grain.md) | -1.1% | -3.2% |
| SBM | 2022-09-01 | [Conab forecasts increased soybean, corn, and cotton production in Brazil](https://feedsoft.ai/events/13701-conab-forecasts-increased-soybean-corn-and-cotton-production-in-brazil.md) | -4.6% | -6.4% |
| SBM | 2024-08-13 | [USDA forecasts record US soybean production and higher stocks, above market estimates - Fastmarkets](https://feedsoft.ai/events/10464-usda-forecasts-record-us-soybean-production-and-higher-stocks-above-market.md) | -2.6% | -0.3% |
| SBM | 2018-08-10 | [Soybeans, Grains Plunge After USDA Raises Production Forecasts](https://feedsoft.ai/events/63478-soybeans-grains-plunge-after-usda-raises-production-forecasts.md) | +0.2% | -5.9% |

## Sources

- barchart.com: https://www.barchart.com/story/news/28000779/soybeans-drop-deeper-into-9-territory-dragged-down-by-products-and-big-stocks-forecasts

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.