Soybean Market Update (Jul 10, 2017)

Soybean prices in the international market increased on Monday. Soybean prices increased by 2 percent which was upto four month high due to fear of worst weather conditions. The most active Soybean contract on Chicago Board of Trade increased to 1.9 percent to $10.34-1/4 a bushel which is near the session high of $10.37-1/4 a bushel that is highest since March 7.

CBOT November soybeans were 16 - 1/4 percent higher at $10.15 - 1/2 a bushel. Both soybeans and corn made weekly gains of around six percent in this week. It was the biggest weekly recovery for soybeans since October 2014. The company named as Xtend invested more than $1 billion in a dicamba plant in Louisiana and expected rise in U.S. soybean acres planted with the Xtend trait to more than double from 20 million this year to about 55 million in 2019.

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