On May 31, according to foreign media reports, the Chicago Board of Trade (CBOT) soybean futures closed sharply on Tuesday, with the benchmark period closing down by about 3.10%. Because of macroeconomic concerns, the Midwest may usher in favorable rainfall next month. Triggered end-of-month sell-offs.
Analysts said that the weather forecast showed favorable rainfall in the Midwest in June, which would help boost the outlook for oilseed production, leading to a sharp drop in soybean prices, with the July contract falling below the $13 mark. The lowest level since July 22, 2022.
The stock market and international crude oil fell sharply, and worries about whether Congress would pass the US debt ceiling agreement increased, adding to the negative atmosphere in the agricultural product market.
