US soybeans are giving up part of the profits again

The soybean futures today give back some of yesterday's trading profits. In the coming days, dry weather is expected in the Midwest, which could increase the pace of soybean harvesting. The soybean crops rose 2.8% yesterday. That was the highest price since the 21st of August. Monday's quotes were driven by fears that precipitation could slow harvest activity in the Midwest. In addition, it was reported that US soybeans were loaded for delivery to China. This is evident from the weekly US Export Inspections Report released yesterday by the USDA. NOPA figures were also more bullish than analysts expected. US farmers have only harvested 38% of soybeans, with the 5-year average at 53%.

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