US soybean futures closed higher on Wednesday with forecasts for more rainfall on the already-saturated US Midwest crop region boosting prices, traders said.
Traders said the market was bracing for USDA's June plantings report to be released early on Monday. Also, a farm dispute in Argentina continues to garner attention even though farmers called off a strike on Friday.
CBOT soy closed 10 to 36-1/2 cents per bushel higher, with July up 36-1/2 at $15.37-1/2 per bushel. Wet to possibly very wet in the US Midwest for the short term, and the long-term outlook more uncertain.
Soymeal futures closed $3.20 to $9.90 per ton higher, with July up $8.90 at $410.20 per ton. Soyoil closed 1.05 to 1.14 cents per lb higher, with July up 1.11 at 64.21 cents per lb.