May 7 (Bloomberg) -- Soybeans rose from a four-week low on speculation that China, the biggest global consumer, will increase purchases to produce more animal feed and cooking oil.
Imports may reach a record 14 million metric tons in the second quarter, the China National Grain & Oils Information Center said on April 28.
“Demand into China will not go away as the mandate of a more protein-rich diet is a cultural change in eating habits and looks to keep China in the import market,” said Tim Hannagan, a market analyst at PFG Best Inc. in Chicago. “Growing-season problems have China increasing purchases whenever prices fall.”
Soybean futures for July delivery rose 6 cents, or 0.6 percent, to $9.60 a bushel on the Chicago Board of Trade, the biggest gain since April 22. Earlier, the price touched $9.485, the lowest level for a most-active contract since April 9.
This week, the commodity fell 3.9 percent, the most since the end of January, as Greek-debt concerns drove most raw materials lower.
Soybeans have dropped 8.4 percent this year amid forecasts for record crops in Brazil and Argentina, the biggest exporters behind the U.S.
Prices also rose today on speculation that wet, cold weather may delay planting in the U.S. Midwest and stunt development of planted crops. more...
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