Soybeans reached a six-month high following signs of increased demand from China and concerns over U.S. crop. Soybeans futures for July delivery rose 0,1% for the day and traded at $14.9513 a bushel, following a 0,5% increase earlier in the day.
On May 21 the Hamburg-based researcher Oil World said that Chinas soybean imports will start increasing sizably and will jump 17% to 68 million metric tons in the season beginning on August 1. China is the worlds biggest soybean consumer and accounts for 60% of the global trade.
Michael Pitts, a commodity sales director at National Australia Bank Ltd., said by phone for Bloomberg: “It’s an old-crop market that is extremely tight. China has been a consistent importer over the year and is likely to continue.”
Elsewhere on the market, wheat for July deliver gained 0,6% on the day and traded at $6,9313 a bushel. Wheat is still supported by concerns over U.S. crop prospects. According to the USDA, winter-wheat crop, which falls in the categories of “poor” and “very poor” conditions is 41%, compared to 14% in the same weak last year.
Corn for July delivery fell 0,4% for the day after it gained 3% yesterday after news came out by the USDA that China had booked orders for 360 000 metric tons of corn for 2013-2014.