Crushers in China, the world’s biggest buyer of soybeans, boosted purchases from the U.S. this week on concern that a possible strike in Brazil will disrupt shipping, Shanghai JC Intelligence Co. said.
Buyers may have ordered 400,000 metric tons to 500,000 tons after they returned from a week-long Lunar New Year festival in China last week, Monica Tu, a soybean analyst at the Shanghai-based agricultural researcher, said by phone from Shanghai, citing talks with traders.
Soybeans for May delivery added as much as 1.2 percent to $14.88 in Chicago, taking the weekly gain to 5.1 percent, and traded at 14.865 at 12:37 p.m. Beijing time.
Brazilian dock workers plan a six-hour stoppage today to protest against a proposed regulation allowing privately owned terminals to hire workers who are not members of OGMO, an organization that manages the workforce at public ports. Government officials and union leaders are set to meet in Brasilia, Ports Minister Leonidas Cristino said yesterday.