Soybeans at two-year high on China demand

Soybean futures rose to a two-year high on Wednesday on speculation that China will increase imports of oilseeds to cool food price inflation, Bloomberg reported. Food prices in China climbed 8% in September compared to a year earlier, according to the National Bureau of Statistics.  China imported 250,000 metric tons of soybean oil from South America this week, and a commodities price rally has ended on concerns that government regulators are preparing to take further steps to reduce speculation.  Analysts expect China to intensify imports of US soybeans as well. Soybean futures for November delivery were up 0.4% a bushel on the Chicago Board of Trade, and the commodity has risen 36% since July when China began increasing its purchases of US soybeans.