CBOT soybeans rise on fears of drought in Brazil, traders focus on U.S. harvest

Gold Ten Futures, September 19, according to foreign media reports, on Wednesday, CBOT soybean futures closed higher, because the market is worried that the hot and dry weather in the top producer Brazil may threaten soybean planting, triggering short cover. The weather agency Maxar said that the delay of the rainy season in Brazil has caused water shortage in most areas, including Mato Grosso state, the top soybean producing area. Traders said that the current lack of rain is not enough to cause too much concern, but if the drought continues until October, then it may seriously delay soybean planting. In the United States, traders are closely watching the fast-advancing soybean and corn harvests, which are expected to be bumper. One analyst said that people are in a wait-and-see situation. The expected high yield is putting significant pressure on CBOT soybean and corn futures, but rain is expected in parts of the Midwest this weekend, which could hamper harvests in some areas.