The pattern of supply and demand remains unchanged. There is a lot of upward resistance to agricultural products.

With the advent of the peak demand season at the end of this year, global agricultural prices have rebounded. However, as the global pattern of oversupply of agricultural products remains unchanged, there is still great resistance to the upward price of agricultural products such as soybeans and corn.

Since the beginning of October, speculative funds have reduced some short positions, pushing the prices of global agricultural products, including soybeans, corn and wheat, to rebound by about 5%. Speculative funds held 17200 positions in CBOT soybean futures and options positions in the week ended October 14, down 7267 from last week, according to a position report released by the Commodity Futures Trading Commission (CFTC) on Friday. The position in soybean futures and options was 1.2589 million lots, an increase of 22,300 hands from a week ago.

Meanwhile, the latest report from the USDA predicts that China's soybean imports will reach a six-year high, boosting market confidence to some extent. China's soybean imports are expected to be 69 million tons in 2013 and 2014, up from an earlier forecast of 68 million tons, the report said. China's soybean imports are expected to reach a six-year high of 72 million tons in 2014 and 2015. Based on global trade statistics, China's soybean imports totaled 51.83 million tons in the first three quarters of 2013, up 24.6 per cent from a year earlier.

Despite the short selling of speculative funds and bullish Chinese demand, market participants are still divided on whether agricultural prices can stop falling at current price levels. after all, the pattern of oversupply in the global agricultural market has not changed significantly, not to mention the fact that the price of crude oil, the leader of commodities, has fallen to around $80.

According to the latest statistics from the United States Department of Agriculture, the latest production estimate for 2014 and 2015 is 106.87 million tons, a record high. In the week ended Oct. 12, the u.s. soybean harvest rate was 40%, up from 20% a week ago and approaching the five-year average of 53%.

The accelerated harvest of American beans will increase the supply of soybeans on the market. Grain exchanges in Brazil and Argentina have recently issued soybean production forecasts for 2014 and 2015, all of which have reached record levels. The annual output of whole-ball soybeans is expected to increase by 26.189 million tons over the previous year. At the same time, soybean crushing demand is expected to grow by only 12.271 million tons, without the disastrous climate impact, the oversupply growth model will drag down the trend of the legume market in the medium term.

According to a report released on Friday by Informa Economics, a private analysis firm, the sown area of soybeans in the United States will reach a record 88.5 million acres in 2015. If this prediction comes true, it will represent the first time since 1983 that the sown area of soybeans in the United States has exceeded that of corn.

In the corn market, the u.s. department of agriculture reported that as of October 12, the proportion of u. S. national corn with good ratings was 74%, the same as the rating a week ago. As of last Sunday, the country's corn harvest had reached 24%, compared with 17% a week ago, with an average harvest progress of 43% in the same period of five years. Although the general trend is that the rate of excellent and good growth decreases as the maturity of crops approaches. But so far, 74% of the corn in the United States has a good national rating, much higher than in the same period last year. This is the best rating for American corn in the same period since 1994.