CBOT soybeans rise more than 11% last week, hit three-month high

On June 19, for the week ending June 16, 2023, soybean futures on the Chicago Board of Trade (CBOT) rose more than 11%, hitting a three-month high, as the drought intensified in the Midwest, the crush data was bullish, and the surge in soybean oil also brought come to support.

Soyoil futures in Chicago jumped nearly 12% this week, boosted by a brighter outlook for biodiesel demand.

The National Oilseed Processors Association (NOPA) said its member companies processed 177.915 million bushels of soybeans in May, an increase of 2.7% month-on-month and a year-on-year increase of 4%, which was higher than market expectations and set a record for the same period in history.