Soybeans Surge to Eight-Month High on Demand Increase
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Soybean futures rose to the highest level in eight months after a U.S. government report showed increased sales of soybean oil to China, the biggest consumer of the product.
U.S. exporters sold 40,000 metric tons of the commodity to the Asian nation, 21,000 tons to Peru and 29,500 tons to unknown destinations, the Department of Agriculture said today, all for delivery in the marketing year starting Oct. 1. China bought about 80,000 tons last week, three company executives familiar with the transaction said today.