Chicago Board of Trade soyabean futures reached their highest prices in more than five weeks on Tuesday on technical buying and bargain hunting, traders said. Argentina is expected to raise taxes on soyabean exports to 33% from the current 30%, a spokesman for the CRA rural confederation said. The move could benefit US suppliers as exporters compete for business on the global soyabean market.
Traders are still waiting for signs of a pickup in demand from China, the world's biggest soyabean importer, after Washington and Beijing signed a Phase 1 trade pact in January. May soyabeans traded as high as $9.08, the highest price for a most-active contract since January 24. Last week, the most-active contract hit a three-week low on concerns about the global spread of the coronavirus.
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