Soybean futures rally above $12 to three-week high
Soybean futures rose above $12 per bushel to a three-week high as US crush activity and crude oil prices supported the market, with traders also citing China demand and Black Sea shipment disruptions.
Soybean futures rose above $12 per bushel, hitting a three-week high as stronger soybean crushing activity and higher crude oil prices supported the market. 7% from a year earlier. 145 million a month earlier. Traders now await the Pro Farmer field tour for fresh indications on US soybean yields after the USDA lowered its official yield forecasts last week.
Heavy Midwest rainfall has also raised concerns over excess moisture and crop conditions. Elsewhere, Chinese demand continued to provide support, with traders reporting that China had already purchased around 7 million metric tons of US soybeans. Meanwhile, disruptions to Russian and Ukrainian grain shipments through the Black Sea, including reduced loadings at Russian ports, added broader support to agricultural markets.