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Soybeans January 2014 (ZSF14)

1231-6+4-2 (+0.35%) 11:29P EDT (CBOT)
Commodity Price Quote as of Wednesday, May 22nd, 2013 View Help

Contract Specifications

Symbol ZS
Name Soybeans (ZS)
Exchange CBOT
Trading Months January, March, May, July, August, September, November (F, H, K, N, Q, U, X)
Trading Unit 5,000 bushels
Tick Size 1/4 cent per bushel ($12.50 per contract)
Daily Limit 70 cents per bushel ($3,500 per contract)
Trading Hours 7:00p.m. - 7:45a.m. and 8:30a.m. - 1:15p.m. (Sun-Fri) CST
Last Trading Day The business day prior to the 15th calendar day of the contract month
Value of one futures unit $50
Value of one options unit $50

CRB Yearbook Description

Soybean is the common name for the annual leguminous plant and its seed. The soybean is a member of the oilseed family and is not considered a grain. The soybean seeds are contained in pods and are nearly spherical in shape. The seeds are usually light yellow in color. The seeds contain 20% oil and 40% protein. Soybeans were an ancient food crop in China, Japan, and Korea and were only introduced to the U.S. in the early 1800s. Today, soybeans are the second largest crop produced in the U.S. behind corn. Soybean production in the U.S. is concentrated in the Midwest and the lower Mississippi Valley. Soybean crops in the U.S. are planted in May or June and are harvested in autumn. Soybean plants usually reach maturity 100-150 days after planting depending on growing conditions.

Soybeans are used to produce a wide variety of food products. The key value of soybeans lies in the relatively high protein content, which makes it an excellent source of protein without many of the negative factors of animal meat. Popular soy-based food products include whole soybeans (roasted for snacks or used in sauces, stews and soups), soy oil for cooking and baking, soy flour, protein concentrates, isolated soy protein (which contains up to 92% protein), soy milk and baby formula (as an alternative to dairy products), soy yogurt, soy cheese, soy nut butter, soy sprouts, tofu and tofu products (soybean curd), soy sauce (which is produced by a fermentation process), and meat alternatives (hamburgers, breakfast sausage, etc).

The primary market for soybean futures is at the Chicago Board of Trade. The CBOT's soybean contract calls for the delivery of 5,000 bushels of No. 2 yellow soybeans (at contract par), No. 1 yellow soybeans (at 6 cents per bushel above the contract price), or No. 3 yellow soybeans (at a 6 cents under the contract price). Soybean futures are also traded at exchanges in Brazil, Argentina, China, and Tokyo.

Prices - Soybean futures prices in 2011 posted a 2-1/2 year high of $14.5575 a bushel in February due to strong foreign demand after 2010 China soybean imports surged 29% y/y to a record 54.8 MMT and the USDA hiked is 2010/11 U.S. soybean export estimate to a record 1.59 billion bushels. Prices then consolidated moderately below that high into summer and remained well supported by the fact that the USDA in June 2011 cut its U.S. soybean acreage estimate to a 4-year low of 75.208 million acres due to a cold wet spring. Prices then eked out a 3-1/4 year high in August 2011 at $14.56 a bushel after the USDA cut its 2011 U.S. soybean production estimate to a 2-year low of 3.056 billion bushels as it cut its yield estimate to an 8-year low of 41.5 bushels per acre. Soybean prices then turned lower into the fall after the USDA in October 2011 cut its 2011 U.S. soybean export forecast and hiked its 2011/12 global ending stocks estimate to 63.01 MMT from 62.55 MMT projected in September. Soybean prices continued lower into year-end and posted a 1-1/4 year low of $10.94 a bushel in December and finished 2011 down -14% at $11.9850 a bushel. Another bearish factor for soybean prices was reduced Chinese demand for U.S. soybeans in favor of South American supplies after Oil World said Brazil and Argentina shipped a record 6.45 MMT of soybeans to China in the 3 months thru November 2011. Overall 2011 China soybean imports fell -3.9% to 52.64 MMT, the first annual decline in seven years. Going into 2012, a drought in South America has the potential to keep soybean prices well supported, along with a tight U.S. 2011/12 stocks/use ratio of 9.1%. However, global supplies are near normal with the 2011/12 world stocks/use ratio at 23.4%.

Supply - World soybean production during the 2011-12 marketing year (Sep-Aug) fell by -4.8% yr/yr to 251.465 million metric tons. World soybean production has more than quadrupled from the 62 million metric ton level seen in 1980. The world's largest soybean producers were the U.S. with 33.1% of world production in 2011-12, Brazil (28.6%), Argentina (19.1%), China (5.4%), and India (4.4%). China's soybean production has roughly doubled since 1980. Brazil's production has risen just over four times since 1980.

U.S. soybean production in 2011-12 fell by -8.2% yr/yr to 3.056 billion bushels, below the record high of 3.359 in 2009-10. U.S. farmers harvested 73.636 million acres of soybeans in 2011-12, which fell -3.9% yr/yr from last year's record high of 76.616 million acres. The average yield in 2011-12 is down -4.6% yr/yr to 41.5 bushels per acre, under the record high of 44.0 bushels per acre. U.S. ending stocks for the 2011-12 marketing year (September 1), rose by +42.5% to 215.0 million bushels, still above the 3-decade low of 112.4 million bushels seen in 2004-05.

Demand - Total U.S. distribution in 2011-12 fell -8.2% to 3.011 billion bushels. The distribution tables for U.S. soybeans for the 2011-12 marketing year show that 53.6% of U.S. soybean usage went for crushing into soybean oil and meal, 42.4% for exports, and 4.0% for seed and residual. The quantity of U.S. soybeans that went for crushing fell -2.0% yr/yr in 2011-12 to 1.615 billion bushels. The world soybean crush rose +2.9% yr/yr in 2011-12 to a new record high of 227.423 million metric tons, which was about double the level seen in 1993-94.

Trade - World exports of soybeans in 2011-12 rose +0.9% yr/yr to a new record high of 92.792 million metric tons. The world's largest soybean exporters in 2011-12 were the U.S. with 37.4% of world exports, Brazil with 40.7% of world exports, and Argentina with 9.6% of world exports. U.S. soybean exports in 2011-12 fell -15.1% yr/yr to a 34.700 million metric tons, down from last year's record high of 40.859. Brazil's soybean exports have more than doubled in the past decade and Canada's exports have almost tripled.

World imports in 2011-12 rose +2.2% yr/yr to a new record high of 90.762 million metric tons. The world's largest importers of soybeans in 2011-12 were China with 61.2% of world imports, the European Union with 12.7%, Mexico with 3.9%, and Japan with 3.1%. China's imports in 2011-12 rose +6.0% yr/yr to a record level of 55.500 million metric tons, which is far from negligible levels prior to 1994.

Articles from the Commodity Research Bureau (CRB) Commodity Yearbook. The single most comprehensive source of commodity and futures market information available, the Yearbook is the book of record of the Commodity Research Bureau, which is, in turn, the organization of record for the commodity industry itself. Its sources - reports from governments, private industries, and trade and industrial associations - are authoritative, and its historical scope is second to none. Additional information can be found at www.crbyearbook.com.
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