Soybean Prices Rebound on Renewed China Interest

Soybean prices rebounded on Tuesday due to renewed interest from China in purchasing soybeans from the Pacific Northwest and Gulf regions. According to Greg McBride of Allendale, China has been inquiring about sourcing soybeans from the Western Corn Belt.

'We know that a lot of the beans from the Western Corn Belt go that way but it is iffy where they can pull beans from with the slow harvest,' McBride said.

The market's optimism was also driven by harvest delays in the western Corn Belt, particularly in Iowa and Nebraska, which are 14% and 12% behind normal soybean harvest pace respectively.

Soybean prices have been volatile recently, with a technical bounce on Tuesday after losses of 30 cents on Monday. Some traders believe that China's demand for soybeans may be overstated, and that the country's potential purchases are still uncertain.