The CBoT soybean prices rose to its highest level for three weeks last night. Yesterday increased the prices by 2.8%. China's strong demand is the driver.
Largely vegetation-friendly weather ensures that the crops in the United States look excellent. Yesterday, the USDA maintained its very good field inventory valuation at 72 good/excellent (g/e). Last year, there were only 63% to this appointment.
In the last 13 trading days, U.S. soybean exporters received twelve times extremely large contracts from China. Additional support comes from the demand for soybean oil, which prices yesterday rose to 3.7%. The U.S. Association for oilseed producers Jesse reported lower than expected soybean oil stocks. Oil production from soy beans fell in July with the crowd in the same month in 2015.
