Soybean prices continue to rise

The soybean rally continues. For the first time this year, soybeans closed three trading days in a row with a green sign. The most traded July contract rose by 5.50 US cents to 1,182.00 US cents/bu. Soybean meal also increased in price yesterday and closed with a gain of $1.30 at $346.10/short ton (355.70 euros/t). Traders were mainly focused on Monday's crop report. At 8 percent, US soybean sowings are progressing better than the average of recent years. Currently, around 8 percent of sowing has been completed. However, rain showers in the Corn Belt could interrupt field work in the coming week. As a result of rising soybean prices and, in particular, rising soybean meal prices, prices are also showing firmer trends on the cash markets in Germany this week. At wholesale level, 392 euros/t are quoted for prompt deliveries from the Hamburg station today, and 421 euros/t in Mainz. Pre-market prices for soybeans, soybean meal and soybean oil are again showing positive trends this morning. All futures contracts are currently showing green signs.

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