CBOT Soybean Futures Rise 0.2% on Monday as Excess Rain Supports Technical Buying

According to Jin10 futures, CBOT soybean futures closed 0.2% higher on Monday, reversing early losses as excess rainfall in parts of the U.S. Midwest triggered technical buying. Rainfall in some regions reached 161% of normal levels last week, supporting the market despite international crude oil futures falling roughly 5% following Iran's signed ceasefire memorandum.

The U.S. National Oilseed Processors Association reported May soybean crush volume of 208.79 million bushels, down 1.4% month-on-month but up 8.3% year-over-year, falling slightly short of the market consensus of 216.02 million bushels.