Soybeans on China’s Dalian market inches 0.5% to 3,767 yuan a tonne in spite of chances of being hit if Beijing hampers imports of US soybeans as traders fear.
The rise is expected given the gains in prices of the commodities in Chicago, where soymeal stood up 1.2% at $382.30 a short ton for May delivery and soybeans 0.6% to $10.34 a bushel for May.
The US might be losing some soybean trade to China with Benson Quinn Commodities flagging talk that “as many as 10 cargoes traded Thursday at $443 a tonne CIF to China. versus $446 CIF China equivalents ex-US origins”.
Currently, Kansas City hard red winter wheat grown in the southern Plains added 0.8% to $4.83 a quarter bushel for May while Chicago soft red winter wheat added 0.3% to $4.61 three quarter a bushel.
Minneapolis spring wheat for as well gained by 0.2% to $6.04 a bushel for May, with weather optimism easing the northern Plains.
“Northern production areas are no longer looking at the possibility of an early planting season, as ground temperatures and overnight low temperatures continue to remain chilly,” Minneapolis-based Benson Quinn Commodities said.