Rain Forecast for South America Concerns Soybean Futures

Soybean futures are on the rise again today on the outlook of rain in South America easing concerns for prolonged hot & dry weather that could hurt emerging crops.  Soybean futures are up .12c per bushel as of this writing.

Soybeans are one of the late-planted crops in Argentina, the growing region in SW Argentina may benefit from the forecasted rain with additional showers in the 6-10 day extended outlook.  Soybean planting is said to be 66% completed there, and in Brazil the farmers have said to be mostly completed with their sowing.

Mason Ching, Automated Trading Manager at Global Futures Exchange & Trading Company in Encino, CA, had this to say regarding the current soybean futures situation,Soybean futures are evaluating the weather assessment in the Southern Hemisphere.” 

The trend for soybean futures is up with no top in sight.  We rolled into the March Soybean futures contract at the beginning of today’s GLOBEX trading session.


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