Soybean commentary: Futures reach 6-week high on dry weather in Argentina, gains in crude oil, soymeal

Soybean futures started the year by hitting a six-week high on the Chicago Mercantile Exchange in a very volatile session. Market participants continue to monitor the outlook for the weather, which is forecast to be dry in Argentina for the next two weeks but mostly favorable in Brazil. Higher crude oil prices and soymeal futures have also supported the soybean market.