Oilseeds: Recent soybean rally may be short-lived as USDA projects near-record production for U.S., Argentina in 2009-10

摘要

Global soybean prices have rallied sharply over the past two months, as thin 2008-09 supplies and strong demand from China have more than offset continuing concerns about the world economic slowdown. But according to the U.S. Department of Agriculture(USDA) and some analysts, the recent price strength is unlikely to persist into the 2009-10 season. After reaching record highs of nearly 500 dollar a tonne in mid-2008, soybean prices plunged by more than 30% amid the global credit crisis and a sharp contraction in economic growth. But prices as of mid-May had advanced by 25% from the December lows to push above 400 dollar a tonne for the first time since August 2008.