{"id":15482,"date":"2024-10-24T04:39:14","date_gmt":"2024-10-24T04:39:14","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=15482"},"modified":"2024-10-24T04:39:14","modified_gmt":"2024-10-24T04:39:14","slug":"soybeans-extend-rally-on-strong-chinese-demand","status":"publish","type":"post","link":"https:\/\/www.global-vtrader.com\/en\/analysis\/soybeans-extend-rally-on-strong-chinese-demand\/","title":{"rendered":"Soybeans Extend Rally on Strong Chinese Demand"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Key Points:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Chicago Board of Trade soybeans rose 0.3% to $10.01-3\/4 a bushel, hitting a one-week high.<\/li>\n\n\n\n<li>Wheat and corn followed suit, with wheat up 0.2% and corn rising 0.1%.<\/li>\n\n\n\n<li>U.S. soybean export premiums are at a 14-month high, as traders rush to move the record U.S. harvest ahead of the U.S. election.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\" \/>\n\n\n\n<p class=\"wp-block-paragraph\">Soybeans surged to a one-week high on Thursday, bolstered by robust demand from China, the world\u2019s top importer.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2024\/10\/image-48-1024x442.jpeg\" alt=\"\" class=\"wp-image-15483\" style=\"width:1450px;height:auto\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><em>Picture: Soybean futures climb to 9.97 as traders eye resistance at 9.978 for further momentum, as seen on the <a href=\"https:\/\/vtmarketsapp.onelink.me\/CD7D\/240525WA\" title=\"\">VT Markets app<\/a>.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Soybean-C futures closed at <strong>9.971<\/strong>, showing a slight uptick of <strong>0.24%<\/strong>. The session ranged between a low of <strong>9.945<\/strong> and a high of <strong>9.978<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The price action shows a strong upward movement from the low of <strong>9.765<\/strong>, supported by the 5, 10, and 30-period moving averages, which indicate a short-term bullish trend.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The MACD (12, 26, 9) shows a bullish crossover, with the histogram bars in the positive zone, suggesting continued upward momentum in the short term.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With U.S. harvest pressure easing, the soybean market continues to move upward, although analysts believe gains may be capped by ample global supply in the near term.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Grains See Further Gains<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Ole Houe from IKON Commodities expects soybean demand to remain strong, but notes the potential cap on price growth due to global supply.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Wheat and corn prices also saw gains, with corn benefiting from improved weather conditions in Argentina, where heavy rains helped reverse crop losses after a tough drought period.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">A ruling by a high court has set back a distressed takeover by Bunge of Vicentin SAIC, once the crown jewel of Argentina\u2019s massive soybean-processing industry <a href=\"https:\/\/t.co\/pUFCbSm6Kr\">https:\/\/t.co\/pUFCbSm6Kr<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/twitter.com\/business\/status\/1848893959575073112?ref_src=twsrc%5Etfw\">October 23, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Meanwhile, Russia\u2019s proposed BRICS grain exchange adds <strong><a href=\"https:\/\/t.co\/r7xjYYdlGL\">potential pressure to wheat markets<\/a><\/strong>, as traders monitor new developments that could shift global trade dynamics.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With tariffs on Chinese imports looming ahead of the U.S. election, further market shifts may depend on the <strong><a href=\"https:\/\/t.co\/H1fJus18Th\">outcome of the tight Harris-Trump race<\/a><\/strong>. This could impact U.S.-China trade relations and, in turn, the soybean market.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Start trading now \u2014 click <\/strong><strong><a href=\"https:\/\/www.vtmarkets.com\/trade-now\/?utm_campaign=account_c&amp;utm_source=dma&amp;utm_medium=website\">here<\/a><\/strong><strong> to create your live VT Markets account.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Soybeans hit a one-week high on strong Chinese demand, while wheat and corn saw gains as U.S. harvest pressure eased. &#8211; vtmarkets.com <\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[27],"tags":[44],"class_list":["post-15482","post","type-post","status-publish","format-standard","hentry","category-analysis","tag-commodities"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15482","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/comments?post=15482"}],"version-history":[{"count":0,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15482\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/media?parent=15482"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/categories?post=15482"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/tags?post=15482"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}