After touching a three-month low on Tuesday, the soybean market roared back, climbing 20 cents per bushel by Friday, a welcome rally for farmers after two weeks of falling prices.
Prices bounced on news that soybean exports have been strong and are likely to continue in the coming weeks as wet weather has bogged down transportation in Brazil, the United States’ biggest competitor for soybean sales.
Longer-term, bean prices are likely to be capped by Brazil, as the South American country is producing a record large crop. As of midday Friday, March soybeans were worth $8.67.