On Friday, the Chicago soybean soared to its three-month high amid increasing expectations for strong Chinese demand.
The US soy futures for January delivery were trading higher by 0.26% to $1,489.88 per metric ton on December 09.
On Thursday, western exporters revealed 118,000.00 tons of soya sales to China and 718,000.00 tons to unspecified destinations. This transaction marks the third major soybean trade for the world’s largest importer.
Consequently, the strong demand for the commodity resulted from easing Covid policies in Beijing.
Additionally, the data from the US Department of Agriculture suggests that soy export sales for the week ended on December 01 totaled 1.75 million tons.
This amount beat the upper limit of the trade forecast of 600,000.00 to 1.45 million tons.
Meanwhile, the soybean crops in Argentina are expected to be cut due to the persistent drought.
On the other hand, farmers from southern Illinois plan to prioritize early planting in 2023.
As for Brazil, it’s Companhia Nacional de Abastecimento (CONAB) expected a total crop of 312,20.00 million tons. However, this prediction is below the agency’s prior estimate of 313.04 million tons.
Nevertheless, traders are waiting for the USDA’s monthly world crop forecast, which is set to be released on Friday.
FTO to Release Imported Soybean Feed
Pakistan’s Federal Tax Ombudsman (FTO) is expected to release a huge amount of stuck-up imported soybean feed on Friday.
Previously, the agency blocked nine ships carrying 0.48 million metric tons of soybean. However, the meeting with the stakeholders on Thursday may yet change their stance.
In particular, the Pakistan Poultry Association informed FTO about the situation of the Poultry Feed Mills.
According to the organization, the soybean shortage hinders their production due to its importance as a feed ingredient.
Furthermore, they expect the soya stock to run out in about a week from now.
Following the incident, the agency launched an investigation expected to come out in favor of the complaints.
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