CBOT soybeans rise as Midwest drought intensifies

On June 16, according to media reports, the Chicago Board of Trade (CBOT) soybean futures market closed up on Thursday, with the benchmark period closing up about 2.90%, the highest level in more than a month, as the drought in the Midwest worsened , Squeezing data is bullish.

Analysts said the weather was the main factor driving the price rise.

The U.S. Climate Prediction Center’s seasonal drought outlook for the next three months, released on Thursday, showed drought extending into September from eastern Iowa and Missouri to much of Illinois, Indiana and Ohio.

International crude oil futures strengthened, the U.S. dollar index fell, and soybean crush data was bullish, which also boosted sentiment in the soybean market.