Chicago soybean futures rose on Tuesday, holding above $10 a bushel and remaining around their highest in over two years, with support from Chinese demand and concerns over U.S. crops, reports Reuters.
“Soybeans remain firm as China has been buying strongly in the U.S. in past days,” Matt Ammermann, StoneX commodity risk manager, told Reuters. “U.S. soybean crop condition ratings from the U.S. Department of Agriculture (USDA) were also reduced on Monday and although the reduction is not so serious in itself, the market pays great attention to the ratings.”
China again bought U.S. soybeans and corn on Monday.