17.
09.20
05:08

CBoT soybean rates at 27-month high - Rapid expansion of cultivation in Brazil

The CBoT soybean future prices were trading their highest price in 27 months tonight. The reason for this is the continued high demand for US soybeans from China.
After China purchases agricultural commodities on an unusually large scale from around the world, traders correct their supply and demand balance. For many analysts, the large supply from the shipping regions matches the demand on the world market.
Also yesterday the USDA reported a sale of 327,000 tons of US soybeans to China. Such large deals were reported on the last nine working days. China also buys large quantities of US corn because the Chinese harvest is around 10 million tonnes smaller in some regions due to adverse weather conditions and the demand from feed mixers has increased.
In the north and north-east of Brazil, in the rainforest and Cerrado savannah areas, soybean cultivation is being expanded by at least 6%. More than it has been in years.

Source
Hansa Terminhandel GmbH
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