Soybean prices at a three-week high

Published 2020년 6월 3일

Tridge summary

Despite ongoing diplomatic disputes with China over Hong Kong, the Chinese government has continued to purchase U.S. soybeans, leading to a three-week high in market sentiment and a price of $ 314.48 per ton. The U.S. Department of Agriculture has confirmed the sale of 132,000 tons of U.S. soybeans to Chinese buyers. Meanwhile, in Paris, favorable weather conditions have resulted in a decrease in wheat prices, but prices for feed wheat, canola, and corn have all increased in Tuesday's trading.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Hoping for more business deals in China, traders have been giving more and more soybeans overseas. Despite diplomatic battles around Hong Kong, the Chinese are buying soy from the United States. Optimistic market sentiment flew the course to a three-week high, which meant they were given $ 314.48 for a ton of product. The U.S. Department of Agriculture (USDA) has confirmed that 132,000 tons of U.S. soybeans have been sold to Chinese buyers. Beijing has previously said state-owned companies will suspend their purchases of U.S. soybeans as the U.S. discusses a dispute with the Asian country over Hong Kong’s international situation. “We have received the latest data on soybean exports, which has confirmed the optimistic scenario, and there are signs that demand may be increasing in the future. Importantly, American soybeans are cheaper than Brazilian ones. This competitive factor cannot be ignored by Chinese buyers either, ”said Terry Linn, an analyst at Linn & Associates in Chicago. ...

Source: AgroForum