Soybean rises for first time this week on china demand speculation

20.04.2017 / 12:26

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Soybean futures for July delivery gain 0.4% to close at $9.60 1/2 a bushel on Chicago Board of Trade after falling 1% over previous two sessions.

China bought 55% of total U.S. sales in week ended April 6, USDA data show; total sales committed to China for delivery before Sept. 1 rose 32% from a year earlier.

China to Cut VAT Taxes for Natural Gas, Ag Goods “There is good demand for soybean imports in China to make animal feed,” Chad Henderson, president of Prime Agricultural Consultants in Brookfield, Wis., says in phone interview.

“There are enough planting questions that with funds holding a big short position, there are few reasons to add to sales”.

Rain to stall crop sowing in Central Midwest.
Hedge funds held the largest net-short position in 13 months in week ended Apr.

Soybean-oil futures for July delivery gain 1.3% to 31.79c/lb.
Soybean-meal futures for July delivery drop 0.4% to $315.20 for 2,000 pounds.

Source: Bloomberg

Junior Trader Ivan Ivanov

Varchev Traders

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Soybean rises for first time this week on china demand speculation

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