Soybean prices Decline As favorable weather condition benefits Brazil

Brazil’s favorable rainfall caused the Chicago Board of Trade soybean futures to fall, causing concerns about hot, dry weather reducing output in northern and central Brazil. However, the region of concern has decreased, and traders expect a record crop from Brazil. The primary export chamber stated that soybean scarcity has “paralysed” the grains trade in Argentina. Soil conditions are more favorable than they were earlier this season or in previous years. A U.S. appeals court ruled that losses in CBOT soyoil contributed to the decline in soybean prices. Exporters shipped 323,400 tonnes of US soybeans to unidentified purchasers and 129,000 tonnes to China.