# Soybeans near multi-year lows as supply outlook improves - Markets - Business Recorder

> Chicago soybean futures hovered near multi-year lows on January 29, 2024, after rains in Brazil and Argentina suggested plentiful supply. The Buenos Aires Grains Exchange raised its Argentine soybean estimate to 52.5 million tonnes and its corn estimate to 56.5 million tons.

- Date: 2024-01-29 · published 2024-01-29T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/32154-soybeans-near-multi-year-lows-as-supply-outlook-improves-markets-business
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

Larger South American crops and a shrinking Chinese hog herd reduce import demand, keeping soybean and meal prices under downward pressure.

## Read by commodity

- SBM: bearish ▼
- SOY: bearish ▼
- CORN: bearish ▼

## Sources

- brecorder.com: https://www.brecorder.com/news/40286223

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