The technical surface is seriously oversold, and most CBOT soybeans are expected to close up

Gold Ten Futures, August 15, Chicago Board of Trade (CBOT) soybean futures mostly closed higher on Wednesday, with the main contract closing 0.6% higher, emerging from a technical rebound after hitting a four-year low on Tuesday. The U.S. Department of Agriculture raised its forecast for U.S. soybean production in the 2024/25 year to a record level, and soybean prices fell to a four-year low, causing technical oversold. One analyst said that perhaps the impact of the supply and demand report has passed. The National Oilseed Processors Association (NOPA) will release its monthly report on Thursday. The survey shows that soybean crushing in July may be the highest level in history for the same period, reaching 5.471 million short tons (182.367 million bushels), up 3.9% month-on-month and 5.2% year-on-year. According to the latest 72-hour cumulative precipitation map released by the National Oceanic and Atmospheric Administration (NOAA), most of the Midwest and Great Plains of the United States will see some measurable precipitation later this week, especially the eastern part of the Corn Belt will see another 1 inch to 1.5 inches or more of rain between Thursday and Sunday. The latest 8-14 day forecast shows drier-than-usual weather in the central United States between Aug. 21 and Aug. 27, with seasonal warm weather possible in the western part of the Corn Belt and Great Plains.