CBOT soybeans continue to hit a new low since November 2020 due to weak demand and oversupply

Gold Ten Futures, July 10, according to foreign media reports, Chicago Board of Trade (CBOT) soybean futures weakened sharply on Tuesday, continuing to hit a new low since November 2020, traders said, due to weak demand, poor squeezing profits and global oversupply. The most actively traded November soybean futures contract settled at $10.80 per bushel, closing below the psychological threshold of $11. Rain from Hurricane "Beryl" is expected to provide beneficial moisture for crop growth in the Midwest of the United States. The strong rating of the U.S. soybean crop continues to put downward pressure on soybean futures. The US soyabean growth rate rose 1 percentage point to 68 per cent last week, the highest since the same period in 2020, according to the weekly crop growth report released by the US Department of Agriculture after hours on Monday. Traders' attention is now turning to the USDA's monthly supply and demand report, due out on Saturday.