Soybean and palm oil prices started to fall in the US after speculative gains earlier in the week

Against the backdrop of a sharp speculative rise in prices, traders began to take profits, so quotes for the soybean complex on the Chicago Stock Exchange fell slightly, which led to a decrease in palm oil prices. In the US, dry hot weather prevails in the soybean growing regions, and the forecasted precipitation for the next few days will be weak and uneven, so the weather factor will continue to put pressure on the quotations of the soybean complex. U.S. officials on Wednesday increased the amount of biofuel that refineries must blend into the nation's fuel balance over the next three years, but biofuel industry representatives said the amount was too low and they expected more. On the Chicago Mercantile Exchange, July soybean oil futures fell 7% to $1,227/t from Wednesday, giving up a weekly gain, although they added 16.7% in price for the month. Meanwhile, July soybean futures fell just 1% yesterday to $551.2/t (+4.9% for the week, +13.2% for the month). August palm oil ...