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Higher Food Prices in China Bolsters Imports of Soybeans

October 21, 2010 at 18:19 by Vladimir Vyun

Soybeans touched the highest price in more than 16 months on speculation that China, the biggest buyer of the oilseed, may increase its imports. Chinese consumer prices rose as much as 3.6 percent in September, mainly because of higher food and residential costs. High domestic prices encourage Chinese traders to make profit by buying oversees and selling on local markets.

Imports of soybeans in China may reach 4.65 million tons this month, according to the China National Grain & Oils Information Center. The US Department of Agriculture said yesterday that China purchased 180,000 metric tons of US soybeans. In the period from September 1st through October 7th importers bought 23.3 million tons of US soybeans, that’s 10 percent more than a year ago.

January delivery for soybeans gained $0.0625 (0.5 percent) to $12.30 per bushel as of 13:14 on CBoT. Prices for the most active contract reached $12.35, the highest level since June 5th, 2009.

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