Soybean Market Update (Jun 27, 2017)

U.S. soybeans prices increased by 0.5 percent on Tuesday which increased gains into a third session after the U.S. Department of Agriculture set the condition of the crop below market expectations. The most active soybean contract on Chicago Board of Trade increased by 0.5 percent to $9.11-1/2 a bushel.

Analysts reported that the August weather is a key for soybeans. Earlier, 67 percent of the U.S Corn and Soybean crops were rated from its good to excellent conditions by the USDA but now Soybean ratings have fallen to 66 percent of the crop which is again rated good to excellent.

Rain estimations across U.S. corn and soybean growing regions has encouraged crops. The Commodity Futures Trading Commission's weekly commitments of traders report also showed that noncommercial traders, a category that includes limited funds increased their net short position in soybeans.

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