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Soybeans Benefit from NFP Report

August 7, 2015 at 17:19 by Andriy Moraru

Soybean futures, along with other agricultural commodities, rose today thanks to the moderately positive report on the US employment market. The oilseed is currently demonstrating a robust weekly performance — the best once since June 28.

The commodity traded in a slow upward channel before the US non-farm payrolls report has been released at 12:30 GMT today. The July employment market added 215,000 new jobs, which was below the forecast of 225,000 and June’s 231,000. At first, soybean’s reaction was negative — the price fell by almost 0.3% in an instant. After that, the price rallied, reaching the highest level since July 24.

The growth of agricultural commodities is supported by the adverse weather forecasts. The additional boost was provided by the agricultural reports showing underproduction of cereals and oilseed compared to the previous years and this year’s forecasts.

Soybean November futures added more than 1.6 percent today on CBoT, rising from $9.43 to $9.59 per bushel as of 17:18 GMT.

If you have any questions and comments on the commodities today, use the form below to reply.

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