China's buying frenzy continues to drive CBoT soybean prices higher

In the current night exchange on the CBoT, the soybean future started this week with further price increases and thus even increased the four-year high that was traded last week. The topics among the market participants are still the too dry weather in South America and the strong demand from China.
China continues to buy large quantities of soybeans and Brazil's farmers are already selling a large proportion of the harvest that has yet to be brought in.
Brokers in Far East Asia believe China will buy a lot of wheat and corn too.
Last week's sharp rise came after the USDA's latest inventory estimate put inventories at a seven-year low at the end of the current marketing period.
Prices could continue to rise if it stays dry in South America. The drought has already hampered planting in Brazil, the world's largest soybean supplier.
Traders are awaiting a report from the National Oilseed Processor Association (NOPA) today that will determine that US oilseed processing reached its second-highest level in October. NOPA members account for around 95% of all soybeans processed in the USA.
The USDA reported Friday that weekly US soybean exports for the week ended November 5 were 1,468,400 tons. That was the smallest export volume this marketing season, but it was within the range of market expectations.
Of this amount, China alone already purchased 745,611 tons and 202,800 tons went to so-called “unknown recipients”, who mostly also deliver to China.

Hansa Terminhandel GmbH
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