Soybean futures prices on the Chicago Board rose by 2.25 cents to $12.98-3/4 per bushel on Monday following a sharp decline on Friday. This increase occurred as market participants are focused on the scheduled meeting between U.S. President Donald Trump and Chinese President Xi Jinping next week.
Expectations of Chinese Demand
The price increase was supported by forecasts for continued Chinese import demand. Given that China is one of the largest soybean importers in the world, any signs of increased demand could have a significant impact on prices.
Read more: CEO of Ilam Gas Company: Gas leak in the gas supply network has been reduced to zero!
U.S. Department of Agriculture Forecasts
The U.S. Department of Agriculture (USDA) released new forecasts for soybean production on Friday, indicating an increase in the production of this commodity. The agency raised its forecasts for both average yield and harvested area. This has helped strengthen prices in the market.
During the session, soybean futures prices for various contracts increased by 1 to 3 cents per bushel. These price fluctuations reflect the market's sensitivity to changes in demand and production.
Read more: U.S. Treasury yields; a warning sign for the global economy · Unprecedented increase in freight rates for Panamax on the route from Vancouver to China
