On June 1, according to reports, the Chicago Board of Trade (CBOT) soybean futures market closed modestly higher on Wednesday, with the benchmark period closing up about 0.30%, with the benchmark period about to cover short positions after falling to a nearly 18-month low The support of the futures ended higher, while some forward futures closed lower.
Soybean futures for May fell 8.42%, also the second straight monthly decline, compared with a 5.73% drop in April.
Soybean futures were pressured downward by concerns over a slowdown in global demand for commodities, especially in China, the world’s top soybean importer, analysts said.
Data showed that China’s manufacturing activity fell faster than expected in May.
However, bargain hunting appeared, and the dry weather in some producing areas in the United States was worrying, restricting the downside of soybean prices.
