CBOT soybeans rise and fall, due to the upcoming supply and demand report

On June 8, according to media reports, the CBOT soybean futures market closed up and down. The benchmark period closed up about 0.60%, while the forward period about fell, because the weather forecast showed that there may be rain in the Midwest during the weekend.

Near-term futures were supported by some short covering ahead of the U.S. Department of Agriculture’s monthly supply and demand report on Friday, traders said.

But rains are expected in the Midwest to help early crop growth, weighing on futures representing new soybeans.

Soybean futures were also supported by stronger-than-expected soybean import demand in China in May.