Despite good news for the soybean complex in terms of export demand this week, the markets have not responded with bullish price movement. China has secured at least seven million tons of U.S. soybeans after multiple purchases during the past two weeks. That puts China over halfway towards the 12-million-ton purchase agreement the country made with the United States.
Matt Bennett is the CEO and co-founder of AgMarket.Net and he says that despite the good news for the soybean complex, traders are still cautious because they don’t know how aggressive China will continue to be in purchasing U.S. soybeans.
In addition to the good weather for the growing season in Brazil, the country has also expanded growing acres once again this year says Bennett.
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