CBOT soybeans fell, the benchmark period closed down about 0.30%

On June 6, according to media reports, the CBOT soybean futures market closed down, ending the rally in the past three trading days, in which the benchmark period closed down by about 0.30%, because the bulls took profits and sold off their positions.

Traders said bulls took profits and sold off after the benchmark hit its highest level in about two-and-a-half weeks.

Private consultancy Datagro expects Brazil’s soybean production to hit a record 155.91 million tons in 2022/23, up from a previous forecast of 155.60 million tons and up 19.4 percent from the previous year’s drought-stricken crop of 130.58 million tons.