Soybeans in Chicago react to statements about Chinese purchases

Soybean quotes on the Chicago Board of Trade (CBOT) closed higher on Thursday (30), driven by expectations of new purchases from China. According to information from TF Agroeconômica, the movement reflected a technical reaction following optimistic statements from U.S. authorities, although analysts warn of the need for caution in the absence of concrete details about the volumes and deadlines of the negotiations. The November soybean contract rose 1.04%, closing at $1,091.50 per bushel, while the January contract advanced 1.21%, to $1,107.75. Soybean meal for December rose 2.24%, to $315.6 per short ton, and soybean oil for the same month fell 1.02%, to $49.65 per pound. The market reacted especially after U.S. Treasury Secretary Scott Bessent stated that China would buy 12 million tons of soybeans by January and 25 million in the next three years. Despite the initial optimism, analysts like Ben Potter (Farm Progress) and Tommy Grisafi (Ag Bull Marketing) emphasized that the ...