On June 27, according to media reports, soybean futures on the Chicago Board of Trade (CBOT) closed up on Monday, with the benchmark period closing up about 1%, ending the decline in the past two trading days, mainly due to soaring soybean oil and concerns about drought in the United States support.
On the same day, soybean oil futures rose more than 2 percentage points, boosting sentiment in the soybean market. Much of the Midwest remains dry despite scattered rains over the weekend that benefited the local soybean crop.
Improved demand in China also supported the soybean futures market.
In addition, the US Department of Agriculture’s crop progress report released after the market showed that as of June 25, the US soybean soybean rate was 51%, down from 54% a week ago, and 65% in the same period last year.
