Soybeans Stay Strong as China Keeps Buying
Soybeans are holding onto gains after another strong move higher yesterday.
China continues to make daily U.S. soybean purchases, with buying estimated near 1 million metric tons per week.
At that pace, China could be on track to purchase around 25 million metric tons by year-end.
August through December is historically a major window for Chinese soybean buying.
President Xi is expected to visit the U.S. on September 24, adding attention to U.S.-China trade.
There is also potential for Chinese corn purchases, especially with sorghum prices now competitive with or above corn on a protein basis.
November soybeans: $12.19¾, +3¾¢
January soybeans: $12.34½, +3½¢
Soybeans continue to look technically supportive after holding the 100-day moving average through last week and the WASDE report.
