On June 5, CBOT soybean futures closed up on Friday, of which the benchmark period closed up by about 1.73%, and the weekly line rose by 1.10%.
The main reason is the tight supply of old beans in the United States and dry weather in the Midwest. Traders said that the tight supply of old-crop soybeans, the spot market rose firmly, and the weather in the Midwest became dry, which is not conducive to the early growth of the crop, which boosted the sentiment in the futures market.
Soybean export sales were lackluster, but the broader market held firm, as traders turned to weather in U.S. agricultural regions, with drying intensifying in the Midwest, one analyst said.
In addition, the U.S. non-farm payrolls data was bullish, and the U.S. Congress approved a $31.4 trillion debt ceiling bill, boosting commodities and stock markets.
