New Delhi — China’s soybeans import were the highest on record for the month of August, according to customs data, as the country’s pig herd continues to recover from the African swine fever epidemic, market sources said.
Rising soybean imports by China – the world’s largest oilseed purchaser — is seen as a boost to an already rising soybean price on weather concerns in the US. A dry August in most parts of the US Midwest and China’s purchases of US beans in recent weeks have supported soy futures for the past few weeks.
November soybean futures are currently trading around $9.68/bu, an eight-month high, and look set to progress towards $10/bu in the coming weeks, an analyst said Sept. 7. Read more…..
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Yahoo Finance’s Rick Newman, Kristin Myers, Dan Roberts and Heidi Cheung discuss why China is lifting tariffs on pork and soybeans.