Soybean Prices Soar to Two-Year High Amid Chinese Buying Spree

Soybean prices have reached their highest level in two and a half years due to increased purchases from China and rising soybean oil prices.

The November soybean futures on the Chicago Board of Trade have decreased by 0.8% to $485/t over the past seven days, despite an unexpected increase in the forecast for the US soybean harvest by 0.4 million tons to 123.4 (116) million tons.

Chinese importers have already purchased about 12-13 million tons of new crop soybeans from the United States, which is almost half of Trump's promised annual mandatory purchase volume of 25 million tons.