Soybeans Rally on Growing Demand & Falling Stockpiles
Soybeans rallied today as the United States boosted their exports. The USA was the biggest world’s grower of the oilseed last year. At the same time, it is expected that official data will show a decline of global inventories.
The US Department of Agriculture reported yesterday that US exporters sold 1.38 million metric tons over a week as of February 28 for delivery by September 1st. Analysts predicted that the government report will show that world stockpiles would be 59.3 million tons, smaller than the 60 million tons predicted by the USDA last month. The agency will update its estimate today.
March futures for delivery of soybeans climbed $0.0375 (0.25 percent) to $14.7725 per bushel as of 4:47 GMT on CBoT today.
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