⛏Soybean Futures
SOYBEAN
▼ NegativeSupplyrelevance
Rainfall forecast improves crop conditions, pressuring soybean futures lower.
Impact on assets 1
Others
Soybean futures are showing losses of 6 to 9 ¾ cents early on Monday morning. The updated 7-day QPF from NOAA showed 1 to 3 inches of rain over the next week, mainly in the Eastern half of the Dakotas, MN, eastern NE through the northwest half of IA and Wi, while the south east portion of IA, MO, and the ECB remain dry. Friday’s Commitment of Traders report showed spec traders trimming their net long in soybeans by 16,139 contracts, taking the net long to 36,679 contracts, mainly via longs exiting. Analysts surveyed by Bloomberg are looking for NASS to report 85.2 million soybean acres planted this spring in their June Acreage report on Tuesday.
Rainfall forecast improves crop conditions, pressuring soybean futures lower.