Soybeans hit 4-year high

    595

    SINGAPORE- Chicago soybean futures rose about 1 percent on Tuesday to their highest in more than four years as tightening supplies in key exporting countries and strong demand buoyed the market.

    Corn rose to its highest in almost a week, while wheat gained more ground.

    “US soybean supply situation is very tight because of strong Chinese purchases and it might end up importing beans from Brazil early next year,” said one Singapore-based trader.

    “Just as Brazil is buying US beans.”

    Brazil and the United States are the world’s biggest exporters of the oilseed, while China is the top importer.