Soybeans sprout on trade spat

09:01, April 15, 2010      

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Soybean futures rose to a seven-week high on speculation a trade dispute between China and Argentina will persist, pushing the Asian nation to boost purchases of beans from the United States to meet rising demand.

July-delivery soybeans rose as much as 0.5 percent, to $9.805 a bushel on the Chicago Board of Trade, the highest price for a most-active contract since Feb 23. It traded at $9.775 a bushel at 2:24 pm Singapore time.

Soybean imports by China are forecast to climb to the highest ever for a single month in May after crushers increased buying, the China National Grain and Oils Information Center said. Imports may rise to as much as 5.5 million tons in May.

Source:China Daily


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