Soybean futures last Monday closed 9 points higher at $9.12 per bushel, the highest price since Jan. 22. The rally was fueled by less-than-ideal weather forecasts and continued strong import sales for new-crop soybeans.
Weather reports Monday were indicating 50 percent of usual rainfall was to be expected over the next ten days, which is not favorable for soybean maturity and pod filling. However, as the week went on, forecasts “sprinkled in” more chances for rain, which would be very beneficial as most of the soybean and corn crops could use one last drink.
As crop tours progressed this week, much of the attention was on Iowa and continued information about the damage from the derecho earlier this month.