After the holiday in the United States, soybeans reached a peak of almost US$370 per ton during the round. The price of the oilseed is driven by export demand, as well as by the state of the crop.
Soybeans revive in Chicago, posting their sixth advance in seven sessions and reaching a nearly one-month highdriven by the Export demandthe concern about the state of the harvest and news that China plans to launch an anti-dumping investigation into Canadian canola imports, according to traders consulted by Reuters.
Soybean futures closed up 1.5% US$366.33 per tonne. However, the oilseed reached almost US$370 during the session on Tuesday, thus touching its highest level since August 7.
The oilseed advances by climate concerns in the US and Brazil. The United States Department of Agriculture (USDA) reported the sale of 132,000 tons to China, while StoneX maintained its estimate of the Brazilian crop at 165.04 million tons, warning about possible complications from drought.
The corn futures They were also supported by traders who expected the USDA to report that crop grades had been downgraded in the Midwest, according to market analysts.
He Corn rose 2.2% to $152.16 a tonnewhile the wheat climbed 3.5% to US$202.82 the tonne, both the CBOT contract, the most traded
Canadian canola contracts fell 7%
He canola contract for delivery in November fell by 7% to its daily limit on hearing the news, as the move could disrupt trade in Canada’s main export market for the oilseed.
Market participants saw the news as an indication that China may look for other oilseed optionssuch as soybeans and rapeseed, traders said.
The Chinese rapeseed meal futures on the Zhengzhou Commodity Exchange rose 6 percent after the announcement, hitting their highest level since Aug. 6.
“There’s no question that the canola story is giving soybean futures quite a bit of support today,” said Karl Setzer, partner at Consus Ag Consulting. “It’s that and the fact that we’re starting to see Chinese demand for soybeans perk up, even though they’re still well below buying.”
Source: Ambito
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