SOYBEAN: futures extended losses to $16.2 per bushel, the lowest in six weeks, dragged down by concerns about US crop production and a possible recession.
Soybean crop conditions in the US fell, with 68% of the crop rated in good-to-excellent condition; 26% rated fair and 6% rated poor or very poor.
Meanwhile, palm oil prices eased from records as Indonesia is allowing more exports after a cap earlier in the year. Soybeans prices traded close to record levels of $18 in the second week of June
Amid concerns that hot weather in the US could damage yields, alongside high demand from top importers and tight supplies from major producers.
Also, surging fertilizer prices due to the war in Ukraine could hamper the bullish production forecasts from major South American producers such as Brazil, Argentina, and Paraguay. Brazil, the world’s largest producer, imports 85% of its fertilizers, mostly from Russia.