Massive Chinese purchases push CBoT soybean prices to 2-year highs

CBoT soybean prices continue to rise this week and are currently trading at a two-year high. China's massive buying and crop fears in the US have kept prices rising steadily since early August.
Large-scale Chinese buyers are also causing the prices of other agricultural commodities such as corn and wheat to rise. China is building up its food reserves after supply gaps became apparent.
The USDA also reported new sales of agricultural commodities from the US to China yesterday. For example, China yesterday bought the largest amount of US corn since September 1, after buyers had mainly focused on buying soybeans since the beginning of the month.
At the same time, the “crop conditions” in the USA were lowered again. Only 60% (-1% on the previous week) of the corn fields in the USA received the top rating “good-to-excellent”. In the case of soybeans, 63% (-2% on the previous week) received the top rating.
The USDA had already lowered its harvest forecast for soybeans and the estimate of the ending stocks on Friday. Despite the current extensive exports, the experts at the US agency left the export estimate in the USDA report unchanged.It can therefore be assumed that the closing stock in the USA will have to be given in a smaller amount in the next monthly reports.

Hansa Terminhandel GmbH
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