Soybeans sprout on trade spat
SINGAPORE - Soybean futures rose to a seven-week high on speculation a trade dispute between China and Argentina will persist, pushing the Asian nation to boost purchases of beans from the United States to meet rising demand.
July-delivery soybeans rose as much as 0.5 percent, to $9.805 a bushel on the Chicago Board of Trade, the highest price for a most-active contract since Feb 23. It traded at $9.775 a bushel at 2:24 pm Singapore time.
Soybean imports by China are forecast to climb to the highest ever for a single month in May after crushers increased buying, the China National Grain and Oils Information Center said. Imports may rise to as much as 5.5 million tons in May.
Bloomberg News
(China Daily 04/15/2010 page17)
