Soybean rises on Chinese purchase hopes
Soybean futures rose on Thursday, bolstered by renewed hopes about China to increase its purchases of US farm goods according to the phase-one trade deal between the two countries.
Soybean prices were also buoyed by a drop in the US domestic crop production, despite forecasts of a strong harvest season in South America, especially by Brazil and Argentina.
The US investors fear that the strong performance by the dollar will impact demand for US agricultural crops, compared to the weak Brazilian real, and the Argentine peso.
It's worth mentioning that the US has signed with China the phase-one of the trade pact on Jan. 15, which consisted of Beijing purchasing $200 billion worth of US goods and services over two years, including about $40 billion of farm goods.
Soybean March futures rose 0.4% to settle at $8.95 a bushel, after hitting a high of $8.99, and a low of $8.88.
| Symbol | Last | Change | Chg.% | ||
|---|---|---|---|---|---|
|
|
|
1.1028
|
0.0213
|
1.9658%
|
|
|
|
|
1.2821
|
-0.0127
|
0.9774%
|
|
|
|
Tadawul
|
7628.34
|
-82.78
|
1.07%
|
|
|
|
|
16.590
|
-1.903
|
10.288%
|
|
|
|
|
45.170
|
-8.163
|
15.306%
|
|
|
|
|
50.52
|
-1.66
|
3.18%
|
|
|
|
|
1580.725
|
-62.920
|
3.828%
|
|
