CBOT soybean futures rose on tight vegetable oil supplies

Gold Ten Futures, December 6th, according to foreign media reports, CBOT soybean futures closed higher, as Statistics Canada lowered its forecast for rapeseed production, causing market concerns about the tightening of global vegetable oil supply, boosting soybean oil and other vegetable oil prices, which in turn boosted soybean market sentiment. However, the soybean market is still under pressure from the rains in South America, and the January contract encountered strong resistance at the 20-day moving average. Rain helps Brazil's soybean planting and early growth of the crop. In the past week, several private institutions have raised the predicted value of Brazil's soybean harvest. The weather forecast released by the Buenos Aires Grain Exchange shows that Argentina's main agricultural area will see a new round of rain in the next few days, which will improve soil moisture for soybeans and corn. At a time of heightened trade tensions between China and the United States, market concerns about future Chinese demand for U.S. soybeans have also weighed on the market.