CBoT soybean futures at 4-year high

Chicago soybean futures hit their highest level in more than four years this morning, rising for the third year in a row as dry weather in parts of South America and strong demand from the world's largest importer, China supported prices.
China is actively buying beans and we're seeing additional demand from Brazil, said a Singapore-based trader. The weather is not perfect for Brazil and the harvest will likely be delayed due to the dry weather.
Parts of Brazil's soybean growing areas got rain this week, but other areas need moisture, and a La Nina weather pattern remains a risk for crops across South America.
Traders have also begun to focus on the US Department of Agriculture (USDA) supply / demand reports dated Nov. 10, which some analysts expect to reduce US soybean yields and increase export forecasts.
China's strong return to the US soybean market in recent months has single-handedly set US agricultural exports to the Asian country to new records, and the strong shipping schedule bodes well for the promises made in the phase 1 trade agreement between the two countries .

Hansa Terminhandel GmbH
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