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Commodities  |  April 26, 2012 17:33:00

Soybeans on a new peak

Soybean futures climbed Wednesday on the new 3.5 Exchange CBOT - year peak due to continuing concerns about the size of harvests in South America and in anticipation of increased export demand. The most active May contract opened by jumping on the price of $ 14.92 per bushel, and attacking the highest level since July 2008. The market was also supported by speculation that China this week to purchase 500 thousand to 1 million tons of soy in the U.S..

The reaction was overdone, dealers rather then choosing gains and left the technically overbought market.The May futures closed finally with 12 1 cents to $ 14.73 1 a bushel. Lower production in South America will put pressure on the largest U.S. soybean growers. Traders said that the uncertainty associated with the size of the harvest in the U.S. this marketing year requiring a greater price premium to ensure that any additional acres of soybeans at the expense of other crops.

Soy weakened today after opening, the market will try to fill gap on Wednesday. USDA reported that soybean exports totaled 926,200 tons in the week to 19 April, of which China 603.8 thousand tons.

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