Soybean futures rise on speculation of sustained China imports
Thursday, 13 August 2009
SINGAPORE, Aug. 12 (Bloomberg): Soybean futures rose for a second day on speculation demand from importers including China, the world's biggest, will be sustained, draining supplies in the U.S.
China purchased 110,000 metric tons of U.S. soybeans for delivery in the marketing year that begins Sept. 1, the U.S. Department of Agriculture said yesterday. The Asian nation's imports of the oilseed from all origins surged 28 per cent to 26.5 million tons in the first seven months of the year, data from the Beijing-based customs office showed.
"There's probably more upside" for prices of soybeans and all grains, Peter McGuire, managing director of CWA World Markets Pty, said by phone from Sydney. "I haven't seen any demand destruction. I think the whole view of the market is quite strong at the moment."
Soybeans for November delivery gained as much as 1.6 per cent to $10.55 a bushel in after-hours electronic trading on the Chicago Board of Trade, before trading at $10.47 a bushel at 1:37 p.m. Singapore time.
China purchased 110,000 metric tons of U.S. soybeans for delivery in the marketing year that begins Sept. 1, the U.S. Department of Agriculture said yesterday. The Asian nation's imports of the oilseed from all origins surged 28 per cent to 26.5 million tons in the first seven months of the year, data from the Beijing-based customs office showed.
"There's probably more upside" for prices of soybeans and all grains, Peter McGuire, managing director of CWA World Markets Pty, said by phone from Sydney. "I haven't seen any demand destruction. I think the whole view of the market is quite strong at the moment."
Soybeans for November delivery gained as much as 1.6 per cent to $10.55 a bushel in after-hours electronic trading on the Chicago Board of Trade, before trading at $10.47 a bushel at 1:37 p.m. Singapore time.