CBOT Soybeans See Mixed Results as US Debt Ceiling Negotiations Reach a Standstill

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On May 25th, Wednesday, the CBOT (Chicago Board of Trade) soybean futures market closed with mixed results, with the benchmark contract up 0.1%. In recent days, near-term contracts have risen with technical buying support, while forward contracts have fallen due to demand concerns.

1. Traders said that the deadlock in negotiations over the US debt ceiling has raised concerns about the US economy and prompted traders to adopt risk-averse strategies, especially before the long weekend.
2. The Buenos Aires Grain Exchange (BAGE) stated that nearly 13% of Argentina’s soybean land may be abandoned due to severe damage to crops caused by drought. Wheat yields are reportedly only 22.6 bushels per acre.