April 22 (Bloomberg) -- Soybeans rose for a third day, reaching a three-month high, on speculation that China will increase purchases of U.S. supplies to make cooking oil for a growing population and livestock feed to produce pork.
China, which suspended soybean-oil imports from Argentina more than a week ago, won’t resume purchases until producers “increase the quality and safety of the product,” the official Xinhua News Agency said today, citing Jiang Yaoping, the vice minister of commerce. Demand for soybean meal in China, will rise as farmers expand hog herds, the country’s National Grain & Oils Information Center said.
“It’s all about rising Chinese demand for U.S. soybeans,” said Don Roose, the president of U.S. Commodities Inc. in West Des Moines, Iowa. “The trend is definitely higher.” more...
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