Soybeans Oil Futures Pick Up to 9-Week High

soybean futures

Chicago Soybean Oil: rose past $15.7 per bushel in the fourth week of August, the highest in nine weeks on concerns about weather damage to the US crop and optimism over demand from top importer China.

Hot temperatures in parts of the US Midwest hampered supply expectations while forecasts for beneficial rains next week limited gains.

China’s longest heatwave on record is also threatening their crops, raising the likelihood of more imports of the oilseed from the US. Still, customs data showed imports from China, the world’s top soybean buyer, fell 9% from a year earlier in July,

As high global prices and weak demand curbed appetite for the oilseed. Imports from Brazil declined as bad weather conditions pushed up the prices in the South American country while imports from the US rose in July but are down for the January-July period.