SINGAPORE- Chicago soybean futures ticked higher on Thursday, gaining more ground as expectations of demand recovery from top importer China, amid easing COVID-19 curbs and dryness in Argentina, underpinned the market.
Wheat dipped after last session’s strong gains as prices were weighed down by record Russian supplies, while corn firmed.
“Talk of improving demand from China plus further indications of dry soils in Argentina helped support the buying,” Hightower said in a report.
The most-active soybean contract on the Chicago Board of Trade (CBOT) added 0.3 percent to $14.76-1/2 a bushel, while wheat lost 0.2 percent to $4.78-1/4 a bushel. Corn rose 0.2 percent to $6.42-3/4 a bushel.
Soybeans are being supported by optimism that easing COVID-19 lockdown measures in China will fuel further exports.
China’s November imports of soybeans fell 14 percent on the year to 7.35 million tons, customs data showed on Wednesday, as logistics woes in top supplier the United States helped confound expectations for a significant rise. – Reuters
