Soybeans Surge on Expectations for Rising Demand
Posted: Thu May 22, 2014 2:40 am
Soybean prices surged Wednesday on expectations of rising demand from China and tighter supplies. The actively traded July contract for soybeans rose 36 cents to settle at $15.05 a bushel Wednesday. China's demand for soymeal, which is used to feed livestock, has grown this month. Sales had slumped last month over concerns about an outbreak of a bird flu virus. "Poultry and pork demand fell off a cliff in April," said Sterling Smith, a commodities strategist at Citigroup. "Bird flu is not such a worry this month, and China is back in the market buying soybeans again."