CBOT soybeans rebound on bargain buying
Chicago Board of Trade soybean futures bounced back Friday after plummeting on Thursday, with investors seeking bargains, analysts said. But uncertainty over the future of purchases from China weighed on the market.
China has begun modest purchases of U.S. farm products after the leaders of both countries met last week, but traders still await significant soybean buys after the White House said Beijing pledged to buy 12 million tons by year-end.
China will suspend retaliatory tariffs on U.S. imports following last week's meeting of their two leaders, Beijing confirmed on Wednesday, but imports of U.S. soybeans will still face a 13% tariff.
China's soybean imports reached a record level for the month of October, a Reuters calculation of customs data showed, as buyers increased purchases from South America.
CBOT January soybeans (SF26) closed 9-1/2 cents higher to end at $11.17 per bushel.
CBOT December soymeal (SMZ25) settled up $4.40 at $317.10 per short ton.
CBOT December soyoil (BOZ25) finished up 0.33 cent at 49.68 cents per pound.
