Worldwide harvests are projected to be smaller than forecast, which places the onus for demand on supplies produced by the U.S. production of the commodity from Brazil, the second-biggest grower of soybeans, is likely to be around 66 million metric tons, rather than the 68.5 million metric ton originally forecast, according to the U.S. Department of Agriculture.
"There's still some potential to the upside" for soybean futures, commodity fund manager Tetsu Emori with Astmax told Bloomberg. "We're still seeing some downgrade in production in South America."
At 2:15 p.m. on Thursday, soybean futures increased 1.02 percent, a 0.145 cent gain to $14.34 per bushel.
The South American nation trails only the U.S. for production of the commodity. Markets are closed in the U.S. for observation of Good Friday.
The Cattle Network reports Thursday's bullishness by soybean futures continued the strong performance from the day prior.