US Soybean Futures Rise on Chinese Demand and US Crush Data
US soybean futures rose on Wednesday for their third consecutive session, supported by increased demand from China and lower-than-expected processing volumes in August. The most-active contract on the Chicago Board of Trade (CBOT) reached $13.22-1/2 a bushel, up 0.28%.
The soybean industry reported that August's processing volumes came in below expectations, which helped drive prices higher. Additionally, Chinese demand for US supplies is expected to increase ahead of President Xi Jinping's visit to Washington later this month.
Harvest delays also contributed to the price rise, as heavy rainfall in parts of Iowa, the country's second-largest soybean and corn producer, has slowed fieldwork. Brazil's crop agency, Conab, forecasts a 0.7% increase in soybean production for the upcoming season but still trails the US Department of Agriculture's current estimate.