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BLBG: Soybeans Rebound From 2010 Low as Investors Weigh China Demand
 
Soybeans rallied from a four-year low as investors weighed the outlook for demand from China, the biggest buyer, against a record U.S. harvest.

The contract for November delivery advanced as much as 0.7 percent to $9.445 a bushel on the Chicago Board of Trade and was at $9.415 by 2:19 p.m. in Singapore. Futures earlier lost as much as 0.8 percent to $9.31, the lowest since July 2010. The 14-day relative-strength index was below the level of 30 for a fourth day, signaling that prices may rebound.

Soybeans tumbled 27 percent in the past year on the outlook for record production in the U.S., the top grower. China’s imports in the year starting Oct. 1 may reach 76 million metric tons, according to Cargill Investments (China) Ltd. That compares with the 74 million tons estimated by the U.S. Department of Agriculture. Purchases may total 4.98 million tons in September from 6.03 million tons a month earlier, the Asian nation’s commerce ministry said Sept. 17.

“There’s a lot of mixed messages coming in on what the underlying demand is going to be from China,” Wayne Gordon, a commodity analyst at UBS AG in Singapore, said by phone today. “That’s key because we really have the soybean crop set to be harvested in the U.S. and the Brazilians are increasing area.”

Members of a delegation from China signed memorandums with U.S. exporters on Sept. 15 to buy 4.8 million tons after annual negotiations in Milwaukee. Farmers in Brazil may harvest 31.5 million hectares (77.8 million acres) of soybeans in 2014-2015 from 30.1 million hectares a year earlier, the USDA estimates. Brazil is the world’s second-biggest producer, USDA data show.

Record Harvest

U.S. soybean output may climb to a record 3.913 billion bushels and the corn crop will reach an all-time high of 14.395 billion bushels, the USDA said Sept. 11. Farmers collected 7 percent of corn and 3 percent of soybeans as of Sept. 21, the USDA said yesterday in the weekly crop progress report, including its first assessment of the soybean harvest pace.

Corn for delivery in December was unchanged at $3.3025 a bushel, rebounding from an earlier 0.8 percent drop. Prices touched $3.2675 yesterday, the lowest since June 2010.

Wheat for December delivery rose 0.3 percent to $4.78 a bushel. Futures dropped to $4.695 yesterday, the lowest since June 2010, before closing 0.5 percent higher.

To contact the reporter on this story: Phoebe Sedgman in Melbourne at psedgman2@bloomberg.net

To contact the editors responsible for this story: Jake Lloyd-Smith at jlloydsmith@bloomberg.net Ovais Subhani, Sungwoo Park
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