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Commodities

Soybean Futures Drop on Weak Crude Oil and Strong Export Demand

Guavy AI Editorial Team
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Oil
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Soybean futures declined on Monday due to weak crude oil prices and strong export demand.

The Chicago Board of Trade soybean futures fell, with soyoil futures dropping more than 3% in early trading as crude oil prices plummeted over $1 per barrel.

This decline was partly attributed to investors locking in profits following recent gains.

The soyoil market also faced pressure from news that the U.S. Environmental Protection Agency plans to extend a September 1 deadline for oil refiners to show compliance with the nation's biofuel blending laws.

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