Soybean futures ahead of their biggest weekly gain since late August

Chicago soybean futures continued to gain ground this morning. The market posted its biggest weekly gain since late August as dry Brazil weather and strong Chinese demand supported prices.
"South American weather concerns remain a huge plus for beans," said Tobin Gorey, director of agricultural strategy at the Commonwealth Bank of Australia.
The most active soybean deal on the Chicago Board of Trade Sv1 rose tonight to its highest level since the week ended August 28.
Dry weather, which is affecting corn and soybean cultivation in Brazil, as well as winter wheat sowing in the US and Russia, threaten to curb global supply while China drives demand.
World food prices rose for the fifth straight year in October, fully recovering from the shock caused by the global COVID-19 pandemic. Most sectors posted gains, the United Nations Food Agency said on Thursday.
The recent rains in Argentina have spurred the start of soybean cultivation for the 2020/21 cycle, the Buenos Aires Grains Exchange said on Thursday, with a forecast of 17.2 million hectares of cultivated land for the season.
Commodity funds were net buyers of CBOT soybean, corn, soybean oil, wheat and soybean futures contracts on Thursday.

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