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FxWirePro: Soybeans rise on trade sentiment; likely to tests 1000 cents

Soybeans on the rise; is China plating a hand?

Chinese pledge energizes bulls:

  • Last week’s commitment from Chinese Vice Premier that it would buy Soybeans in bulk from U.S. farmers to the tune of 5 million tons has given the latest boost to bulls, https://www.youtube.com/watch?v=Z1P-BUEaH3U

Price forecast:

  • We maintain our short-term bullish outlook and expect the price to test 1000 cents per bushel area and might even break and reach as high as 1030 cents area, before selling pressure sets in.
  • ET PRO
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