The CBoT soybean prices could post its first loss of the week this week for nine weeks. After the week-long concerns about dry weather in the heartland of the U.S. soybean crop weather forecasts have improved now a little.
This week, prices eased up this morning at 3%. You had risen but in the past nine weeks to 28%. Now that rains in the Midwest of the United States have again improved for the time being the soil conditions. But it takes a while until the harvest...
The demand for U.S. beans for export is pretty good. The USDA said yesterday that last week put together more than 1 million tons were the reported export accounts for soybean harvesting, both old and new. That was more than expected.
The rally of in the CBoT bean prices was triggered by big losses in Argentina. In addition, it is feared that the weather phenomenon La Nina drought will provide the growing regions in the United States. That has not been confirmed but still last week because the vegetation conditions have improved recently, and more rainfall are predicted. The ratings of the crops had increased "good excellent" for soy beans with 74% after it was 72% in the previous week and only 67% were at the same date in the previous year.
