As the globe's top importer of soybean oilseed, the Asian nation purchased 170,000 metric tons of the legume for marketing year beginning September 1, according to data released by the U.S. Agriculture Department. Purchasers in China presently are waiting on the development of a new crop in the U.S., according to an email from the China National Grain and Oils Information Center. China last month imported 3.98 million tons of soybeans, according to data collected by the news source.
"China is showing continued interest in new-crop U.S. soybeans," states a Thursday report penned by Ker Chung Yang with Phillip Futures Pte in Singapore, according to the news source.
At 9:46 a.m. on Thursday, soybean futures rose 0.21 percent, a 0.03-cent gain to $14.1575 per bushel.
Reuters reports the occurrence of a reduced pace of soybean crushing in the U.S., which prompted the legume to lose value during the Wednesday trading session. Those losses also pulled down the value of corn futures on Wednesday, according to the news source.
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