Soybean futures climbed as life gradually
returns to normal in China with more people dining out and more
schools reopening, a trend set to increase demand for everything
from meat to cooking oil in the top consumer. Soybean meal
futures in Dalian headed for their best daily gain since March.
Restarting schools and restaurants is a key driver of
demand for poultry, cooking oil and eggs, and companies are
increasing imports of soybeans in anticipation of greater
consumption. The shipments are coming mostly from Brazil, and
could hit a record 10 million tons this month, and stay near
that level in June and July. The U.S. Department of Agriculture
sees imports reaching an all-time high of 96 million tons in the
coming marketing year.
(Bloomberg)