Soybean Futures Dip Amid Strong Chinese Demand
Chicago soybean futures dipped by 0.7% to $13.23-1/4 a bushel on Friday, after hitting a three-year high in the previous session due to strong demand from China.
The Chinese government has purchased around 1 million metric tons of US soybeans this week, with total purchases nearing half of the 25 million tons committed annually through 2028, according to traders.
This surge in Chinese buying was driven by preparations for President Xi Jinping's visit to Washington later this month. The USDA also confirmed additional Chinese purchases of US soybeans on Wednesday and Thursday.
Meanwhile, wheat and corn prices also fell by 0.9% and 0.8%, respectively. Soybean futures rose 1% so far this week, while wheat increased by 0.2% and corn dropped by 1.4%.