Today is the first trading day of a new month and a new quarter, and the active fund selling has also intensified the market pressure.
There is little indication that China and the United States can resolve trade disputes through consultation. China said that it would impose a 25% import tariff on more than 500 kinds of American goods, including soybeans, from July 6th, in retaliation for the US tariff on China goods.
There is abundant rainfall in the planting belt in the midwest of the United States, and the expectation of high yield in the United States this year has also intensified the selling pressure.
August soybean meal contract closed down $3 to $328 per short ton. August soybean oil contract closed down 0.35 cents to 28.88 cents.
According to data released by the US Department of Agriculture (USDA) on Monday, as of the week of June 28th, the inspection volume of US soybean exports was 849,204 tons, exceeding the previous market forecast of 400,000-800,000 tons, which was revised to 5 167 1 ton the previous week.
The US Department of Agriculture also announced in the weekly crop growth report on Monday that as of July 1 week, the excellent and good rate of soybeans in the United States was 7 1%, which was lower than the analyst's estimate of 72%, 73% in the previous week and 64% in the same period last year.
Today, CBOT soybean is estimated to have a turnover of 163675 lots, soybean meal 134998 lots and soybean oil of 86785 lots.