The soybean harvest from Argentina is on the rise thanks to recent rains, according to the Buenos Aires Grain Exchange. This positive trend is contributing to improved crop conditions and minimizing damage caused by the earlier hot weather in January.
Soybean futures on the Chicago Stock Exchange saw a significant drop, hitting their lowest level in over three years. This decline is attributed to a combination of technical sell-offs, enhanced harvest prospects in South America, and concerns surrounding the demand for soybean oilseed.
In particular, the March contract experienced a 13-cent decrease, settling at $11.4775 per bushel. This marks the lowest point since December 2020 on a continuous chart. Traders note that the soybean market is reacting to the favorable harvest outlook in South America.
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