Based on increased demand for U.S. supplies by China- the biggest importer of the oilseed, soybeans rose in Chicago. China is showing continuing interest for soybeans, which accounts for a 0,2% price increase for the day. According to data compiled by Bloomberg, China imported 3.98 million tons of soybeans in April. According to the grains center, that number should reach a record 7-7.5 million tons in June, including purchases from South America.
Elsewhere on the market, wheat prices are trading close to yesterdays two-week low amid favorable conditions for crop growing, which will ensure steady supply. Wheat prices hit a two-week low on Wednesday by plunging 2%, after good weather forecast for developing crops was reported for the Black Sea region.
Also on the market, corn went for another retreat and is headed for the longest steak of losses in six weeks. Economist Dennis Gartman wrote in his newspaper: “The grains are generally weaker, as the weather is conducive to planting in the Midwest again today and has been for the past two or three days.” The USDA said Monday that 28% of the U.S. corn crop was planted last week, which is way lower than the 82% in the same week a year earlier. Corn futures dropped 0,2% for the day after yesterday the markets reacted to the increase in corn planting across the Midwest.
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