The CBoT soybean prices rose yesterday to its highest level since July 21. The bulls on the stock exchange against a price pressure due to the large U.S. harvest stem with a vengeance. The hour, the prices however fall although yesterday stopped the large orders from China.
The soybean yield in the first sample in the Midwest of the United States are extremely high; everything points to new records and one speaks from 10 to 20% more revenue than in the previous year. In the few regions where it was too dry for long time, now rain has fallen, so there more likely are harvested than previously assumed.
At the same time demand from China is still high. Yesterday, the USDA announced a sale of 381.000 tons of soybeans for delivery in the marketing year 2016/17. In addition, 129,000 tons were sold to an unknown recipient.
