Prices of soybeans reach one-month high

Soybean futures

The prices of soybeans in the U.S. went up for the third time in a row this Tuesday, reaching its highest in one month after the strong demand for soy oil bumped prices up.

Furthermore, there are expectations of more demand from the biodiesel sector after the United States government placed tariffs on imports of Argentine biodiesel/

Soy bean futures on the Chicago Board of Trade traded up 0.6 percent at $9.55 per bushel. The price was close to the highest in the session of $9.56 per bushel, its strongest since August 10. Chicago Board of Trade soybean futures are the most active futures anywhere. Soybeans finished up by 0.5 percent on Friday, markets were closed on Monday due to a holiday.

In other grains:

Futures contracts for corn rose 0.4 percent at $3.56 per bushel, after closing 0.7 percent in the last session. The prices of corn were recently put under pressure as confidence grows that output in the U.S. will be bigger than what was expected.

Futures contracts for wheat went up 0.4 percent at $4.40 per bushel, after the previous session’s 1 percent rise as prices in the United States’ rival exporters in the Black Sea region’s wheat price boosted the United States’ export prospects.

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