SINGAPORE- Chicago soybeans rose for a fourth consecutive session on Thursday to a one-week high, underpinned by strong demand led by top importer China.
Wheat and corn gained ground.
“We think that Soybeans will continue to find good demand and US harvest pressure has largely come and gone,” said Ole Houe, director of advisory services at IKON Commodities in Sydney.
“However, the global market remains well supplied in the near to medium term, so there is a limit to how far beans can run to the upside.”
The most-active soybean contract on the Chicago Board of Trade (CBOT) rose 0.3 percent to $10.01-3/4 a bushel, its highest since Oct. 16. Wheat added 0.2 percent to $5.79-3/4 a bushel and corn rose 0.1 percent to $4.19-1/2 a bushel.
US soybean export premiums are at their highest in 14 months, as grain merchants race to ship out a record-large US harvest ahead of the US presidential election and fears of renewed trade tensions with top importer China.
Harris led Trump by a 46 percent -43 percent margin in a Reuters/Ipsos poll published on Tuesday. Her lead in the six-day poll, which closed on Monday, reinforces the view that the race is extraordinarily tight with just two weeks left before the Nov. 5 US presidential election. Some other polls have also shown Harris leading the former US president.
