Futures Market News
Soybeans gain as demand strengthens
Oct 24, 2012 12:50 PM
As the top grower of the legume, the U.S. sold roughly 105,000 metric tons prior to August 31, according to the U.S. Department of Agriculture. Imports to China, the globe's top consumer of soybeans, surged 20 percent last month as compared to the same period last year. U.S. exports increased nearly four-times as high as one year prior.
"Export business continues to be very good for soybeans," agribusiness director Greg Grow with Archer Financial Services in Chicago told the news source. "There appears to be no slowdown in Chinese demand."
At 12:44 p.m. on Wednesday, soybean futures increased 0.71 percent, an 11-cent lift to $15.6675 per bushel.
But Reuters reports the legume's gains were tempered by anticipations of a softer South American harvest. Early next year the soybean harvest is likely to encounter pressure. But, in the meantime the crop is coping with slow sales by farmers and a harvest from this year that is running low.
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