GRAINS-Chicago soya beans jump to a two-month high after Trump's comments
Chicago Board of Trade soybean contracts hit a two month?high following remarks by U.S. president Donald Trump regarding?China purchasing more U.S. soy beans, traders said.
In a posting on?his Truth Social Platform, Trump stated that China "raises the Soybean Count to 20 Million Tons (They have committed 25 Million Tons next season!
China purchased 12 million metric tonnes of U.S. soya beans by late January. This was in fulfillment of a U.S. pledge to buy that volume of soybeans by the end February, after a trade truce ended in late October prompted buying.
China, the largest buyer of U.S. soyabeans, has left the U.S. market during the long-running tit-fortat trade dispute between the two nations. Market players are closely monitoring China for any signs of fresh demand.
As of 10:30 am C.T., the most active soybean contract had risen 29-1/4 cents or $0.95-1/4 per bushel. (1530 GMT).
Soyoil futures have continued their rally from a day earlier, supported by the updated U.S. Government guidance on tax credit for biofuel - a major demand source for soyoil.
The soyoil by-product of soybeans was the last to gain 0.60 cents, at 55.11cents per pound.
The U.S. Treasury Department released Tuesday updated guidance on biofuel tax credits. This was welcomed by traders who said that it provided clarity for biofuel producers.
CBOT Corn was last unchanged at $4.28 per bushel, amid a flurry technical trading. CBOT Wheat was down 4 cents on the day to $5.24-12 per bushel.
The global grain supply continues to limit prices, as traders begin to anticipate the world crop forecasts of the U.S. Department of Agriculture. Department of Agriculture on Tuesday, November 14, for new direction.
The dollar rose on Wednesday, increasing the price of U.S. agricultural products internationally.
The wheat market is under pressure due to a growing concern over crop losses in Ukraine and Russia after a prolonged period of cold weather in the Black Sea area.
(source: Reuters)
