Soybeans Top $12 After China Buys 472,000 Tons of U.S. Supply
Updated
Updated · agrolatam.com · Jul 8
Soybeans Top $12 After China Buys 472,000 Tons of U.S. Supply
3 articles · Updated · agrolatam.com · Jul 8
Summary
November soybean futures rose 2½ cents to $12.00¼ a bushel after the USDA confirmed China bought 472,000 metric tons of U.S. soybeans.
The purchase covered 136,000 tons for 2025/26 and 336,000 tons for 2026/27, reinforcing export confidence even though analysts said the demand was already reflected in USDA balance sheets.
Corn lagged that rally, with December futures down 1½ cents to $4.62¾ as traders tested resistance near $4.65, while wheat posted modest gains across Chicago, Kansas City and Minneapolis contracts.
Broader markets stayed volatile: crude oil jumped $3.51 to $73.95 a barrel, the dollar index strengthened to 100.88 and the Dow fell more than 523 points, underscoring caution outside agricultural commodities.