CBOT soybeans rise due to flooding in the northern Midwest

Gold Ten Futures, June 25, according to foreign media reports, on Monday, the Chicago Board of Trade (CBOT) soybean futures closed higher, of which the base period closed about 0.9% higher, because of the weekend after the thunderstorm in the northern part of the US Midwest suffered flooding. Analysts said that the weekend storm swept through the Midwest, Minnesota, Iowa and Wisconsin parts of the flood, threatening soybean crops. One analyst said that the impact of flooding on soybean crops is far more serious than corn and wheat crops. The weather forecast shows that the Midwest will see more rain. The latest 72-hour cloud map of cumulative precipitation released by the National Oceanic and Atmospheric Administration (NOAA) shows that most of the Corn Belt will see some measurable rainfall between Tuesday and Friday, and some areas will see another 1 inch to 2 inches or more of rain later in the week. The weekly crop progress report released by the U.S. Department of Agriculture showed that the U.S. soybean crop was 67 percent good and good through June 23, down from 70 percent a week earlier and slightly below analysts' expectations. The U.S. Department of Agriculture export inspection report showed that for the week ending June 20, 2024, U.S. soybean exports inspected 342,293 tons, up 0.3 percent from a week earlier and 134 percent from the same period last year. Egypt was the top export destination.