November soybeans rallied to its highest level since early January today, surpassing the $10 level. Traders said that the soaring wheat prices triggered buying by most segments of the market today.
Weather is expected to be favorable to crop development this weekend in the Midwest, but hot and potentially stressful for soybeans in the Delta. Forecasts into next week and later are potentially a bit more stressful in the Midwest according to traders. Excessive soil moisture in the western Midwest could cause some spot problems according to one analyst with scattered dry spots doing the same in the eastern Midwest.
In India, rainfall has increased in central and western growing areas, but sources there report that more rain is needed.
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