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On June 12, according to media reports, the Chicago Board of Trade (CBOT) soybean futures rose in the week ending June 9, 2023, with the benchmark period rising by about 2.5%, hitting a three-week high, mainly due to the expansion of the drought in the Midwest of the United States , soybean oil futures soared.
New export sales also helped boost soybeans higher. CBOT soybean oil futures rose more than 10%, as speculative funds expected a good outlook for biodiesel demand.
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