Soybean Market Update (Jun 15, 2017)

Soybean prices in the international market decreased for a second day on Thursday after easing in the last session as plentiful supplies from South America and rain estimates in the U.S. grain belt pressurized the prices in the market. The most active soybean contract on Chicago Board of Trade decreased to 0.2 percent to $9.30 – 1 / 4 a bushel.

In last week, Brazil's agricultural statistics and supply agency Conab raised its estimations for the country's 2016/17 soybean crop for the sixth time in this year. Also, the country's 2016/17 soybean crop is now at 113.92 million tonnes high as compared to 113 million tonnes which was estimated in May. Traders reported that commodity funds were net sellers of soybeans on Wednesday.

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