Soybean futures gain as China enforces stricter import controls

Soybean futures gained in Chicago on speculation that stricter quality controls on China’s soybean oil imports from Argentina may prompt buyers in the Asian nation to increase purchases from the US. Soybeans for May delivery gained as much as 0.2 per cent to $9.46 a bushel and traded at $9.47 at 2:37 pm in Singapore. China’s soybean oil traders may “gradually” delay or cancel imports from Argentina after the North Asian government toughened inspections, the China National Grain and Oils Information Center said in a daily report e-mailed today. Imports in 2009-2010 may halve from a year ago to 1.2 million to 1.4 million metric tons after the move, it said. May-delivery corn rose 0.5 to $3.4825 a bushel and wheat for July delivery fell 0.2 per cent to $4.765 a bushel. Rough rice for May delivery gained 0.9 per cent to $13.085 per 100 pounds at 2:16 pm Singapore time. Rice production in Thailand and Vietnam, the two largest exporters, may be hurt by drier-than-normal weather that’s parched farms and cut water levels in the Mekong River, according to the Food and Agriculture Organization.