Soybean Futures Gain on Global Demand

It appears there is renewed demand for US soybean supplies – the world’s largest grower of the crop.  Soybean futures rose two a two-week high on signs that demand is improving.

Just today the USDA reported US soybean exports at 105,000 metric tons went out for delivery before August 31st.  It was also reported that China boosted soybean imports by 20% last month compared to a year earlier with domestic shipments almost four times greater than a year earlier.

Barb Levy, chief director for Futures & Options Xecution’s futures division in Chicago, stated today regarding the current soybean futures situation, “Already tight U.S. (soybean) supplies and continued global demand, led by China, allowed the beans to recover from slight weakness in the overnight session.”

The trend for all three soybean futures contracts is technically down.  If soybean futures‘ trend turns up, we will be amongst the first to catch the new trend.

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