Soybean prices rise after China increases purchases from U.S.; gold retreats from record
By Stephen Bernard, APWednesday, June 9, 2010
Soybeans gain after China steps up purchases
NEW YORK — Soybean prices are rallying after China stepped up its purchases of U.S. supplies of the crop.
China’s recent purchase of soybean oil from the U.S. buoyed demand expectations. China typically purchases its soybean oil from South America, but a dispute with Argentina sent it to the U.S. market.
The increase in Chinese demand comes a day ahead of the Agriculture Department’s monthly supply report. That report is expected to show soybean supplies continue to dwindle, which should help prices rise even further.
Soybeans for July delivery are up 12.5 cents, or 1.3 percent, at $9.435 a bushel.
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