Soybean futures hit contract highs on Chinese demand
Chicago Board of Trade soybean futures surged to contract highs on Wednesday, propelled by soaring demand from China. State-owned Sinograin, China's large-scale grain reserve, held its fifth soybean auction in under a month to free up storage space for incoming U.S. shipments. In a sign of increasing appetite for American soybeans, the United States has reportedly been reviewing a proposal to raise biofuel quotas for 2027 by about 500 million gallons, according to two sources.
The U.S. Department of Agriculture (USDA) reported private sales totaling 182,000 metric tons of U.S. soybeans to China and an additional 226,000 tons to unspecified locations, all within the bounds of their daily reporting guidelines. Furthermore, the USDA confirmed 100,000 metric tons of U.S. soymeal sold to Germany and another 100,000 tons to the Netherlands.
New-crop November soybeans closed 20 cents higher at $12.88 per bushel, marking a significant upward shift in prices.
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