Soybean prices scale new peak
SINGAPORE - Soybeans rose for a second day in Chicago on speculation that stricter Chinese quality controls on soybean oil imports may prompt increased purchases of the United States supplies.
Soybeans for May delivery gained 0.2 percent to $9.4675 a bushel in Chicago in early trade.
Chinese soybean-oil traders may "gradually" delay or cancel imports from Argentina after the government toughened inspections, the China National Grain and Oils Information Center said. Imports in 2009-10 may halve from a year ago to between 1.2 million and 1.4 million tons because of the measure, it said.
"There certainly is that possibility" that China buyers may turn to US soybeans, Timothy Loh, marketing director at the American Soybean Association's Southeast Asia office in Singapore, said.
Bloomberg News
(China Daily 04/08/2010 page17)
