Soybean futures have topped $9 and are trading at their best levels in two months, driven by a recent supply estimate by the US government and reports of Chinese purchases of the American agricultural product. It was a rough summer for soybean prices, but they have steadily climbed since the middle of last month. Is there more room for growth?
November soybean futures rose $0.03, or 0.33%, to $9.09 per bushel at 14:31 GMT on Tuesday on the Chicago Board of Trade (CBoT). In September, soybean soared 4.72%, lifting its
The US Department of Agriculture (USDA) surprised investors with a
Ahead of next week’s
Reportedly, as many as 10 cargoes of 60,000 tonnes of soybeans have been sold to private and
This comes soon after Wang Yi, state councillor and foreign minister, averred that both sides need to show signs of goodwill, which China has repeatedly done over the last 18 months. So far this year, Beijing has acquired 19 million tonnes of soybeans, close to surpassing its 20-
In other agricultural markets, November corn futures rose $0.02, or 0.52%, to $3.90 a pound. December wheat futures fell $0.0350, or 0.71%, to $4.9225 per bushel. November orange juice futures dipped 0.95 cents to 98.8 cents per pound.
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