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soybeans

Soybeans Climb to 11-Month High as Demand Rising in China

Soybeans climbed to the highest level in more than 11 months in Chicago on speculation that demand for livestock feed will increase in China amid rebounding prices for eggs and pigs. Corn also gained.

Chinese processors last week ordered about 600,000 metric tons of soybeans for shipment after Sept. 1, according to a Bloomberg News survey. Since April 1, Chinese egg prices surged 26 percent while hogs increased 20 percent, according to data from Shanghai JC Intelligence Co. As bird flu and slumping pork prices curbed demand for soybean meal used in feed earlier this year, a U.S. industry group said last month that China was at risk of defaulting on some soybean imports.

"The market concern for Chinese demand has diminished, with improving conditions evident," Australia & New Zealand Banking Group Ltd. analysts including Paul Deane wrote in a report today. "Chinese domestic prices for pork, soybean meal, corn and wheat have all rallied in the last month."

Soybeans for July delivery rose 1.7 percent to $15.31 a bushel at 7:45 a.m. on the Chicago Board of Trade, the global benchmark. Earlier, the price reached $15.3675, the highest for a most-active contract since June 5. Futures have rallied 18 percent this year.

U.S. exporters sold 27.6 million tons of soybeans to China for delivery before the 2013-14 marketing year ends Aug. 31, with an additional 5.1 million tons to be delivered in the 2014-15 season, according to U.S. Department of Agriculture data released today. China is the world's biggest soybean consumer.

Corn for July delivery rose 1.3 percent to $4.8075 a bushel in Chicago, while wheat for the same delivery month added 0.5 percent to $6.6725 a bushel. Milling wheat for November delivery fell 0.5 percent in Paris to 197.75 euros ($270.23) a ton on Euronext.

To contact the reporters on this story: Ranjeetha Pakiam in Kuala Lumpur at This email address is being protected from spambots. You need JavaScript enabled to view it. ; Whitney McFerron in London at This email address is being protected from spambots. You need JavaScript enabled to view it.

To contact the editors responsible for this story: Claudia Carpenter at This email address is being protected from spambots. You need JavaScript enabled to view it. John Deane, Sharon Lindores

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