Indications about surging demand from China pushed up soybean futures to their highest price in more than seven days on Wednesday, according to Bloomberg.
The legume also benefited from dry weather presenting a threat against crops in Argentina, one of the largest growing regions for the commodity. Exporters of the legume from the U.S. sold 120,000 metric tons of soybeans for delivery at the end of August, according to data released by the U.S. Department of Agriculture.
"China was out of the market last week from their Lunar New Year, and you could see the impact of the bean sale to the Chinese yesterday," farm marketing adviser Dave Marshall with Toay Commodity Futures Group LLC in Illinois told the news source on Wednesday. Shifting west, Argentina "has gone eight weeks with subpar moisture for their main growing region," the adviser said.
At 12 p.m. on Wednesday, soybean futures rose 1.05 percent, a 0.1525 cent gain to $14.73 per bushel.
The Buenos Aires Herald reports the legume achieved gains of 3 percent on Tuesday to mark its top gains in seven months.
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