Soybeans Oil Hits 4-week High

soybean futures

Soybeans: Oil increased to a 4-week high of 1583 USd/Bu, amid uncertain vegetable-oil supplies. Russia attacked the seaport of Odesa during the weekend putting into question the deal Russia and Ukraine signed to facilitate shipments of wheat from three of Ukraine’s Black Sea ports.

Still, the cost of soybeans remains almost 20% below its June peak of around $18 amid weaker demand and expectations of higher supply.

Weather models are pointing to beneficial rains in parts of the US Midwest crop belt, which could bolster yields.

The latest customs data showed imports from China, the world’s top soybean buyer, fell 23% from a year earlier in June, as bad weather conditions pushed up the prices in Brazil.

Meanwhile, imports from the US rose in June but are down for the first half of the year

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