Soybean Futures Rise on China Sale, Dry Argentina Weather
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Soybean futures rose to the highest in more than a week on signs of increasing demand from China, the world’s largest importer, while dry weather threatened crops in Argentina. Wheat and corn also gained.
Yesterday, the U.S. Department of Agriculture said that exporters sold 120,000 metric tons of soybeans for delivery to China by Aug. 31. The crop in Argentina, the world’s third-biggest shipper, may be 50 million tons, trailing last month’s forecast of 52 million, said Oil World, a Hamburg-based research company.