Surging demand is poised to push soybean futures to achieving their sixth weekly advance on commodity markets on Friday as the legume is poised to mark its longest rally in about 48 months, according to Bloomberg.
U.S. shippers are poised to help the nation re-possess the power perch as the globe's largest grower and shipper of the legume. They already have sold 36.62 million metric tons of the 36.74 million tons that the government projected would be exported by the final day of August, according to the U.S. Department of Agriculture.
"Supply of old-crop soybeans is quite tight," commodity fund manager Tetsu Emori with Astmax Asset Management Inc. in Tokyo told the news source on Friday. "People are waiting for much higher prices. There's no reason to sell for now."
At 9:37 a.m., soybean futures rose 0.75 percent, a 0.0115 increase to $15.3875 per bushel.
But crops of the legume in Louisiana might be in peril of a grave entomological threat, according to The Advertiser of Lafayette. Stink bugs are forecast to be widespread because the past two winters have not seen deep freezes, a county agent with the Louisiana State University Agricultural Center told the news source.
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