Signs of Robust Demand Make Soybean Prices Higher
Soybean futures gained on hope that demand for the grain may rise. The US Department of Agriculture reported last week that China purchased 110,000 metric tons from the United States exporters and then additional 180,000 tons. World exports will increase 4.1 percent to the record of 93.7 metric tons in 2012–13 according to the USDA estimates. The data signals that demand for soybeans remain high.
Analysts say that prices may yet fall in case harvest in Australia and South America is good. Yet, for now, this year’s drought in USA and Europe has more important influence on soybean prices, making them rally. Hopes that Europe will find a way out of the crisis also have positive impact on commodity prices.
Soybean rose $0.0425 (0.27 percent) to $15.5575 on CBoT.
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