Soybeans Surge on Expectations for Rising Demand
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Soybeans Surge on Expectations for Rising Demand
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."
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