Soymeal and soyoil futures in China jumped more than 2% on Thursday thanks to strong short covering activities in CBOT soybean futures along with continuous Chinese state-backed purchases of US soybeans.
The most liquid soymeal contract on Dalian Commodity Exchange (DCE) bounced nearly 3% higher intraday to the highest level since October last year at 3,344 yuan/ton (US$539/ton), breaking above a channel that has capped prices for four months.
The main soyoil contract on Dalian also jumped 2% on...