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Soybean Futures Surge as South Dakota Weather Sparks Concerns Over US Crop Conditions
South Dakota Ag Connection - 06/08/2023

Soybean futures experienced a notable increase in overnight trading as market participants closely monitored weather conditions and crop progress across the US Corn Belt.

Following the near completion of corn and soybean planting, attention has shifted towards the crucial growing stage.

Over the past 24 hours, certain areas in the central US, ranging from South Dakota to Texas and Minnesota to the Louisiana Gulf Coast, received some precipitation, as reported by the National Weather Service.

However, a significant portion of land extending from eastern South Dakota to the Atlantic seaboard, and southward into Alabama and Georgia, has experienced minimal or no rainfall in the past week, according to precipitation maps from the NWS.

The Department of Agriculture's initial crop rating of the year revealed that approximately 62% of US soybeans were classified as being in good or excellent condition at the beginning of the week, falling slightly short of the 65% projected by Reuters analysts.

Similarly, the corn crop's condition showed 64% in good or excellent condition, a decline from the previous week's 69%. This figure failed to meet the trade expectation of 67%.

The first assessment for US spring wheat indicated a 64% rating of good or excellent condition, slightly below the projected 66%.

Soybeans for July delivery climbed by 6½ cents to reach $13.59¾ per bushel during overnight trading on the Chicago Board of Trade. Soymeal prices increased by $2.60 to $399.30, while soybean oil rose by 0.19 cents to 51.11 cents per pound.

Corn futures also saw gains, rising by 1½ cents to $6.09½ per bushel.

In the wheat market, July futures increased by 2¼ cents, reaching $6.30 per bushel.

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