Soybean Futures Find Support On Chinese Outlook

Not even bird-flu outbreak will keep the Chinese from purchasing their biggest food import – soybeansSoybean futures did an about-face after four straight down closing sessions on the outlook of Chinese soybean buying.

The USDA announced yesterday 116,000 metric tons of soybeans sold for delivery in September, but the day before yesterday it was revealed 392,000 tons sold to the Chinese.  Soybean futures have previously sold off on concerns of the bird-flu outbreak in that country.            

Soybean prices advanced strongly as exporters are reported a surprising pick up in export demand rumored to be out of China,” said Kevin Riordan, director of research at Capital Trading Group in Chicago, regarding the current soybean futures situation.

The trend for soybean futures is still technically down (same for soymeal, but soy oil remains up).  This is the time of year soybean futures turns up until early summer, so I hops soy oil is leading the way.  I will keep observing in anticipation a clearer picture will unfold.

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