Biofuels Update: Chicago Soybean Complex Edges Higher Amid Fresh China Purchases

The Chicago soybean complex edged higher in early Tuesday trade amid reports of fresh demand from China for US supplies. The August soybean contract on the Chicago Board of Trade climbed 0.3% to $11.87 per bushel in early trade. The August soybean oil contract gained 0.24% to 67.92 cents per pound. China reportedly procured at least 6-7 cargoes of US-origin soybeans totaling about 330,000 tons on Monday, according to a Feedlot report published by UkrAgroConsult on Tuesday. The cargoes are scheduled to be shipped between September and November from US Gulf of Mexico and Pacific Northwest export terminals, said the report, which cited several traders, buyers, sellers, and Asian market analysts. According to Trading Economics, soybean futures reached a five-week high on Monday, supported by the latest purchases, which are in addition to the 200,000 metric tons already bought by Chinese buyers. Earlier this year, the White House said China had agreed to buy at least 25 million metric tons of U.S. soybeans annually through 2028, raising hopes for stronger overseas demand for US crops. "Supporting prices further, mixed US Midwest weather forecasts fueled uncertainty, with.