Soybeans Futures Continue to Trade in Narrow Range

Soybeans futures continued to trade in a range near $14.5 per bushel in late November, well below their May peak of roughly $17.3, as investors mulled a gloomy outlook for demand against tight supplies.

Rising coronavirus cases and renewed restrictions in China clouded the demand outlook in the world's top grains consumer, thus keeping a lid on prices.

On the supply side, the upcoming soy season is likely to be affected by a lack of rain, while farmers are unincentivized to invest in planting due to the La Nina climate pattern.

Meanwhile, Russia agreed to extend a United Nations-brokered deal allowing exports of Ukrainian grain and other farm products from the Black Sea.