Globex soybean futures market chatter around Globex soybean

Market chatter around Globex soybean futures is focusing on South American harvest delays. If Brazilian yields drop further, forward contracts could see a rally toward $12.80 per bushel, a level not seen since early January. CHICAGO (Reuters) -In a head-to-head contest in a small corner of agricultural futures markets, a legacy spring wheat contract that has traded for more than 140 years is fending off a challenge from a competing contract launched this spring by CME Group, the world's largest futures exchange. The primary purpose of the daily settlement process is to obtain a price that can be used to credit or debit each account at the end of the day based on changes in position values. As all markets move toward around-the-clock trading and make greater use of technology, we are likely to see further changes in daily settlement procedures. Dry weather risk continues to cloud South America’s production outlook. Globex soybean futures could react swiftly if yield surveys confirm a 3–5% decline, shifting supply-demand balances.