Later sowing supports US soybean futures

Yesterday's trading day on the CBoT brought a positive development for US soybean and soybean oil futures. These were able to recover from recent losses, supported by short covering. Weather forecasts with expected heavy rainfall also helped to support the market. Due to the already high soil moisture levels in the growing regions, US farmers will probably not be able to start sowing for several days. Nevertheless, it is assumed that there will be no crop damage, according to the analyst firms. Ahead of the weekly USDA export report due today, market participants expect sales of 100,000 to 700,000 tons for the old crop and 200,000 tons for the coming crop.

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