For week ended January 10, sales of soybeans pushed to 1.61 million metric tons, representing the sharpest climb since December 2010, according to data released by the U.S. Department of Agriculture. Sales of the legume rose 321,800 as compared to one week prior. The upward spike comes after soybean futures fell to their lowest value in six months on January 11.
“China is back buying U.S. soybeans after the drop in prices,” president Jim Gerlach with A/C Trading Co. in Indiana told the news source on Thursday. “Not only are Chinese crushers coming for U.S. soybeans, but the jump in soybean-meal exports will keep U.S. crusher demand for soybeans elevated. U.S. supplies are getting extremely tight.”
At 9:39 a.m. on Thursday, soybean futures rose 0.31 percent, a 0.045-cent increase to $14.41 per bushel.
All About Feed reports demand for soybeans is poised to increase from Russia for the purpose of developing poultry and livestock production.
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