# Soybeans near 3-year low as LatAm supplies keep lid on prices - Markets - Business Recorder

> Chicago soybeans recovered slightly from a three-year low hit the previous session, trading near $11.45 a bushel. Large South American supplies and weak demand for US cargoes were expected to limit gains. Abiove cut its 2024 Brazilian soybean output estimate to 153.8 million tonnes because of adverse weather, though that is still close to last year's record.

- Date: 2024-03-01 · published 2024-03-01T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/31216-soybeans-near-3-year-low-as-latam-supplies-keep-lid-on-prices-markets-business
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

Heavy Brazilian and Argentine supply priced competitively against US beans keeps downward pressure on soybean and meal values, which lowers feed input costs for buyers.

## Read by commodity

- SOY: bearish ▼
- WHEAT: bearish ▼

## Sources

- brecorder.com: https://www.brecorder.com/news/40291490

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