China's imports hold CBoT soybean futures at 4-year highs

Chicago soybean futures continued to gain ground this morning, rising four out of five sessions as concerns about dry weather in South America and strong Chinese demand keep prices near a four-year high.
Chinese soybean imports have been strong in recent months, and demand has increased since China rebuilt its pig herd.
CBoT soybean futures prices reached their highest level since July 2016 last week.
Soybeans have also grown as the adverse weather in South America threatens global supplies.
Global demand remains strong, led by China, the world's leading importer.
China's soybean imports rose 41% year over year in October, according to General Customs Administration data released on Saturday.
China imported 8.69 million tons of oilseeds in October, up from 6.18 million tons in the same month last year. Brazilian beans made good margins for oil mills, and more US beans were imported as well.
US farmers are likely to expand soybean and wheat crops while slightly reducing corn sowing for the coming marketing year, the US Department of Agriculture (USDA) said on Friday.
The market awaits the USDA's monthly supply and demand outlook on Tuesday. There will be an adjustment of Chinese exports as well as forecasts for the global harvest prospects.

Hansa Terminhandel GmbH
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