Soybean futures rise above $12 on stronger U.S. crush demand and Chinese buying

Soybean futures rose above $12 per bushel, reaching a three-week high as stronger U.S. crushing activity, firmer crude oil prices and continued Chinese demand supported the market. The National Oilseed Processors Association said its members crushed 216.647 million bushels of U.S. soybeans in July, up 1.1% from June and 10.7% from a year earlier, although the daily crush pace eased to 6.989 million bushels from 7.145 million in June. Traders said China had already bought about 7 million metric tons of U.S. soybeans, extending demand support. Attention is now turning to the Pro Farmer field tour for updated views on U.S. soybean yields after the USDA last week lowered its official yield forecast. Heavy rainfall across the Midwest has also raised concerns about excess moisture and crop conditions, while disruptions to Russian and Ukrainian grain shipments through the Black Sea added broader support to agricultural markets.

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Soybean futures rise above $12 on stronger U.S. crush demand and Chinese buying - CoinPost Terminal