Soybean Futures Surge as China Demand Rises Amid US Supply Concerns
Chicago soybean futures have been on an upward trend for the third consecutive session. The surge is attributed to increased demand from China and doubts over US supply levels, according to analysts.
The most-active soybean contract on the Chicago Board of Trade closed at USD13.26-3/4 a bushel, representing a 0.6% gain overnight.
Chinese demand for US supplies is expected to rise ahead of Chinese President Xi Jinping's visit to Washington later this month, supporting soybean prices.
A recent industry report showed that August soybean crushing in the US was lower than anticipated, sparking concerns about soymeal and soyoil availability. Harvest delays are also lending support to soybean and corn prices as field work is hampered by showers in the US Midwest.