CBOT Soybean Futures Rise After Eight-Day Decline

CBOT Soybean Futures Rise After Eight-Day Decline

Chicago Board of Trade (CBOT) soybean futures closed higher on Wednesday, ending an eight‑session decline. The July soybean contract settled up 9‑1/4 cents, or 0.8%, at $11.23 per bushel after having fallen to $11.10‑¼ on Tuesday, its lowest level since February 4. The November soybean contract rose 6‑1/2 cents, or 0.6%, to $11.38‑½ per bushel.

In related grain‑oil markets, July soymeal increased 80 cents, or 0.3%, to $301.90 per short ton, and July soyoil rose 0.42 cent, or 0.6%, to finish at 75.33 cents per pound.

Crude oil futures also moved higher after President Donald Trump indicated the United States would “attack Iran very hard” if a peace deal is not finalized, providing additional support to soybeans and soyoil, which sometimes track oil prices due to biodiesel demand.

Analysts surveyed by Reuters expect the U.S. Department of Agriculture’s Thursday supply‑and‑demand report to raise its estimates of soybean harvests in Brazil and Argentina. Forecasts of widespread rain across the Midwest this week and cooler temperatures following an anticipated late‑week heat wave are projected to benefit crop germination and early growth, factors that have limited further price gains.