On June 30, according to media reports, most futures contracts in the Chicago Board of Trade (CBOT) soybean futures market closed up on Thursday, with the benchmark futures closing up about 0.06%.
After falling for two consecutive trading days, it came out of a technical rebound.
The soybean market was range-bound on the day, with neither the August nor November contracts breaking out of Wednesday’s trading range, traders said.
The market awaits the US Department of Agriculture’s acreage and quarterly stocks report. Analysts generally expect soybean inventories on June 1 to be lower than a year earlier.
A storm is moving through the main agricultural production areas of the Midwest of the United States, and weather forecasts also show that these areas will see more rainfall in the next two weeks, which will help stabilize or improve crop conditions, which limits the upside of the soybean market.
