On June 28, according to media reports, the Chicago Board of Trade (CBOT) soybean futures market closed down on Tuesday, of which the benchmark period closed down about 2.20%, the lowest level in more than a week, because the weather forecast showed that there will be urgent demand in the Midwest. The rainfall will help prevent further deterioration of crop conditions.
1. The latest 72-hour cumulative precipitation map from the National Oceanic and Atmospheric Administration (NOAA) shows that almost all parts of the central United States will experience some precipitation between Wednesday and Saturday, and some areas may receive 0.5 inches or more of rain. The forecast for the next 8-14 days shows that the entire central United States may be wetter than normal between July 4 and July 10.
2. With the improvement of the rainfall outlook, the supply outlook has become more optimistic, while the demand situation remains worrying. U.S. soybean exports continue to face competition from Brazil’s record crop. A flood of new soybeans from Brazil is limiting demand for U.S. soybeans, one analyst said.
