Cme soybean futures rallied 0

CME soybean futures rallied 0.7% to $12.28 following fresh export sales to Southeast Asia. Cash basis levels in Gulf ports strengthened, hinting at tightened availability in the spot market. Momentum traders eye $12.40 as the next resistance zone. All examples in this report are hypothetical interpretations of situations and are used for explanation purposes only. The views in this report reflect solely those of the author and not necessarily those of CME Group or its affiliated institutions. This report and the information herein should not be considered investment advice or the results of actual market experience. Field crops such as corn and soybeans demonstrate seasonality , or regular patterns of supply and demand over the course of the calendar year. In the United States, corn and soybeans are planted in the spring and harvested in the fall, with the specific time of planting and harvest dependent on the particular conditions of the year. CME soybean futures firmed to $12.25, gaining 0.6% on news of prolonged dry spells in Brazil’s Mato Grosso region. Market participants expect potential supply constraints in Q4, pushing forward contracts higher. Volume rose 14% compared to the 30-day average.