Conjecture about China moving forward with additional purchases spurred the price of soybean futures to climb on Thursday as the legume reversed four consecutive trading sessions of losses, according to Bloomberg.
Beginning September 1, the U.S. Department of Agriculture said on Wednesday that exporters will ship 116,000 metric tons of the legume to unknown purchasers. One day prior, buyers in China acquired 392,000 tons of soybeans grown in the U.S., the federal agency said. The increased activity coming from the Asian nation is believed to be correlated with its experiencing challenges with avian flu.
"Now we can once again see export demand," analyst Joyce Liu with Phillip Futures Pte, in Singapore told the news source on Thursday. "Soybeans were pressured by reports that China has been importing less because of the avian flu."
At 9:42 a.m. on Thursday, soybean futures rose 0.59 percent, an 0.08 cent increase to $13.5325 per bushel.
The Wall Street Journal reports losses for the legume during the Wednesday trade session were met with investors and traders assuming profits on earlier performances that were stronger.
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