Soyabeans jumped into the spotlight for commodity investors this week with prices reaching their highest levels of the year amid voracious demand from China, production problems in Argentina and rapidly declining global stocks.
CBOT May soyabeans rose 5.3 per cent to $10.60 a bushel this week after reaching a six-month high of $10.73 during Friday's session
Dealers note that open interest (active positions) has risen strongly as capital flows into the market in anticipation of further price gains. China, the world's largest importer, is likely to extend a government buying programme for domestically produced soyabeans for two months from April as it remains about 1m tonnes short of its 6m-tonne target.
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