Soybean prices may gain 20 percent by March as economic growth in China, the world's largest importer, boosts demand for animal feed and cooking oil, a US exporter group said. The oilseed may surpass the nine-month high of $12.365 a bushel reached June 5 in Chicago before new supplies from Brazil and Argentina, the largest exporters after the US, become available, said Danny Murphy, treasurer of the US Soybean Export Council.
Soybeans climbed to a three-month high on Wednesday and have gained 4.6 percent this year as imports by China are set to reach a record. The nation's demand for the oilseed protein meal may expand 27 percent in the next decade as rising meat consumption boosts demand for stock feed, according to HighQuest Partners, a consulting company based in St Louis, Missouri.
There will be a "substantial increase" in Chinese demand this marketing year, Murphy said in an interview in Tokyo. China's potential market for soybeans "could be three-times or four-times of what it is today as the economy continues to grow", he said.
Chinese soybean used for crushing will grow 7.6 percent from a year earlier to 44.1 million metric tons in the 2009/10 year, the US Department of Agriculture (USDA) forecast on Nov 10.
About 5 million tons of US soybeans have been delivered to China since Sept 1, and an additional 10 million tons are booked for delivery, council Chief Executive Officer Miguel Escobar said in the same interview. The US sold' million tons in China in the year ended Aug 31, he said.
Soybeans for January delivery gained 0.3 percent to $10.305 a bushel as of 12:27 pm in Tokyo. Prices climbed to a record $16.3675 a bushel on July 3, 2008, amid a rally in global food prices. Soybeans fell to a six-month low of $8.7875 on Oct 5 amid forecasts of a record US harvest.
US farmers will harvest 3.319 billion bushels this year, up 12 percent from last year, and almost double stockpiles before the 2010 harvest, the Department of Agriculture said on Nov 10. The US is the world's top producer and exporter. Global output will climb' percent from a year earlier to 250.2 million tons, raising reserves to 25 percent of projected consumption, the USDA said.
Soybeans climbed to a three-month high on Wednesday and have gained 4.6 percent this year as imports by China are set to reach a record. The nation's demand for the oilseed protein meal may expand 27 percent in the next decade as rising meat consumption boosts demand for stock feed, according to HighQuest Partners, a consulting company based in St Louis, Missouri.
There will be a "substantial increase" in Chinese demand this marketing year, Murphy said in an interview in Tokyo. China's potential market for soybeans "could be three-times or four-times of what it is today as the economy continues to grow", he said.
Chinese soybean used for crushing will grow 7.6 percent from a year earlier to 44.1 million metric tons in the 2009/10 year, the US Department of Agriculture (USDA) forecast on Nov 10.
About 5 million tons of US soybeans have been delivered to China since Sept 1, and an additional 10 million tons are booked for delivery, council Chief Executive Officer Miguel Escobar said in the same interview. The US sold' million tons in China in the year ended Aug 31, he said.
Soybeans for January delivery gained 0.3 percent to $10.305 a bushel as of 12:27 pm in Tokyo. Prices climbed to a record $16.3675 a bushel on July 3, 2008, amid a rally in global food prices. Soybeans fell to a six-month low of $8.7875 on Oct 5 amid forecasts of a record US harvest.
US farmers will harvest 3.319 billion bushels this year, up 12 percent from last year, and almost double stockpiles before the 2010 harvest, the Department of Agriculture said on Nov 10. The US is the world's top producer and exporter. Global output will climb' percent from a year earlier to 250.2 million tons, raising reserves to 25 percent of projected consumption, the USDA said.
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