China has ramped up its purchases of U.S. soybeans recently, sparking a rebound in prices and making the crop profitable again for U.S. farmers after the coronavirus pandemic had slammed demand, reports The Wall Street Journal.
Since falling to their lowest levels in nearly a year in April, soybean futures on the Chicago Board of Trade have risen 6.4%.
Most-active soybean futures closed at $8.71 a bushel on Wednesday — topping the break-even price of roughly $8.50 a bushel needed by farmers for their soybean crops to be profitable.
