On June 25, according to the media, CBOT soybeans closed down on Friday, with the main contract closing down 2.20%, the lowest level in a week, because there will be favorable precipitation in the central and western regions.
The latest weather forecast shows widespread rain in parts of the Midwest in the coming week.
Analysts said the rains would help alleviate drought and replenish soil moisture ahead of the crop’s critical growth phase.
In addition, after the recent price surge, the market is technically overbought, and there is a call for correction.
StoneX said the USDA’s crop progress report early next Tuesday will show another decline in crop ratings, although the decline may be narrower.
Some Midwest crops are doing pretty poorly, while others are doing pretty well, depending on soil conditions and rainfall.
