Soybeans, trading near the highest levels since 2014, currently fetch almost four times the price of oats. That motivated a GM of a warehouse in Iowa to add oats to grains sold as wholly containing soybeans.
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Behind the increase lies a sharp rise in soybean prices over the past eight months—67 percent since June 1. Prices have been lifted by surging demand for U.S. soybeans in China.
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Despite a wind storm tearing through the Midwest and drought conditions in isolated areas, a bumper crop of both corn and soybeans is expected this year.
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China’s hog herd is recovering well from African swine fever. The country is expected to accelerate soybean purchases from the U.S. between May and August.
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American soybeans that were once stranded on ships along China’s coast are now coming ashore. The beans were stranded because although a 30 percent retaliatory tariff had been waived, buyers still had to pay a deposit.
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Chinese buyers have “completed deals to buy soybeans and pork of considerable scale.” Negotiators are due to resume talks this month in Washington.
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China newswire Xinhua revealed something interesting. It said Beijing “will allow Chinese businesses to purchase a certain amount of soybeans and pork from the United States.” The word “allow” is key.
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