Soybean futures surged toward $10.55 per bushel, their highest level since early October 2024, amid concerns over drought in Argentina and rains in Brazil. Dealers noted that forecasted rains over Argentine farmland largely failed to materialize over the weekend, prolonging drought conditions, though farmers were informed that some relief could arrive in late January or early February. Meanwhile, Brazil's soybean harvest for the 2024-25 season is at its lowest level for this time of year since the 2020-21 cycle, due to excessive rainfall in Mato Grosso, the country’s top-producing state. Additionally, soybean futures received a boost from the absence of immediate U.S. tariffs on China, the world’s largest soybean importer, which has increasingly turned to cheaper supplies from Brazil and Argentina.
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