US soy register record price on higher demand from China

Soy rose to the highest price in more than three months on signs that demand for US supplies is increasing in China, the world's biggest importer.

US export sales of the oilseed climbed 6.1 percent to 1.35 million tonnes in the week ended November 12, including more than 724,700 tonnes to China, US, according to statistical data from the US Department of Agriculture (USDA).

''Chinese demand for soybeans does not seem to subside, snapping up U.S. soybeans every week,'' said Han Sung Min, a manager at Korea Exchange Bank Futures Inc.'s international marketing division in Seoul. ''Buyers seem to be in a hurry to secure U.S. crops, given South American supplies look uncertain.''

Soy for January delivery added 19.5 cents, or 1.9 percent, to US$10.655 a bushel on the Chicago Board of Trade, the highest level for a most-active contract since August 13.

The US is the world's largest grower and exporter of the oilseed. National export sales in the first two weeks of November were twice the October weekly average. Soy added 6 percent last week, the most in six weeks.