Soybeans are trading harder again

This morning, soybean futures are trading for the second straight day. Technical buying after a week's decline to a 10-year low helped the market. In early trading, the price rose in the front month November by 0.7%, yesterday it rose to a 1-month high.
A Sydney broker says the low prices boost buying interest and believe the market will find support at the current level. The current US prices show a significant discount to the South American beans. They came under pressure from export tariffs following the trade dispute between China, the world's largest soybean importer and the United States, and the impending large US soybean harvest.
Exports to China have almost come to a standstill since Beijing introduced an export tariff on US soybeans in July. China has been buying more Argentine soybeans since then, while Argentina is buying more US soybeans to meet its own needs.
Brazil, the world's largest exporter of soybeans, is expected to spend around 1 million in the coming months.Importing tons of US soybeans as local stocks dwindle, according to Sao Paulo-based grain trader Agribrasil. It would be the first time that the South American nation has been importing large quantities of soybeans from the US and it is a consequence of massive exports of Brazilian soybean to China.
The US soybean harvest was 14% completed on Sunday. Institutional investors yesterday bought 5,000 lots of CBoT soybeans, 2,500 lots of soybean meal and 750 lots of soybean.
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