Soybean futures rose as weather forecasts show little rain in Brazil and resulting dryness pushes back the start of planting season for a new soy crop.
The seeding of the biggest soybean crop in the world is risking further delays, in turn propping up Chicago soy prices on Monday.
Prices are being bolstered from modest seasonal Chinese buying and ongoing dryness in Center-West Brazil, StoneX chief commodities economist Arlan Suderman said in a note.
“Soybean planting will be delayed until those rains return to the region. Forecast models don’t see that happening in September,” according to the note.
