Soybean prices rise in response to demand outlook

Soybeans rose to a two-month high in Chicago last week on signs demand for U.S. supplies will remain steady even after China canceled some orders. Wheat climbed as Egypt sought to buy the grain in a third tender in as many weeks.

Soybean exporters reported sales of 360,000 metric tons for delivery by Aug. 31 to unknown buyers, while China canceled orders of 300,000 tons, the U.S. Department of Agriculture (USDA) said last week. Inspections of the oilseed for shipment since Sept. 1 rose 5.9 percent from a year earlier to 585.6 million bushels, the USDA’s data shows.

"The tight situation in the face of international demand is pushing the market to a new high," Paris-based farm adviser Agritel...

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