Futures Market News
Strong Chinese economic news benefits soybean futures
Oct 18, 2012 12:02 PM
Conjecture about a steady demand of soybeans from China pushed up the legume's futures for a third consecutive day on Thursday, Bloomberg reports.
Economic data from last month about the Asian nation indicated the host of the globe's second largest economy might be stabilizing. Industrial production, retail sales and investments for fixed assets surpassed projections issued by analysts polled by Bloomberg for the month, representing good economic news as concerns grow about a slow down.
But the globe's largest importer of oilseed saw the third quarter of this year mark the seventh consecutive quarter of tepid growth.
"Today's data will fuel hopes that slowing Chinese growth will no longer be a drag on global growth," states a Thursday email to Bloomberg penned by broker Arnaud Saulais with Starsupply Commodity Brokers in Switzerland. "Slowing growth in China may no longer be seen as a drag on soybean prices."
At 10:49 a.m. on Thursday, soybean futures gained 1.92 percent, a 0.29 cent increase to $15.3825 per bushel.
Agriculture.com reports the markets for soybeans, corn and wheat are projected to climb on Thursday.
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