Soybeans Gain Most in Five Weeks on Demand Signs; Corn Advances
Soybeans rose the most in five weeks on signs that demand is increasing for supplies from the U.S., the world’s biggest grower and exporter. Corn also gained.
Soybean exports from the start of the marketing year on Sept. 1 through Oct. 11 totaled 4.7 million metric tons, up 57 percent from the same period a year earlier, U.S. Department of Agriculture data show. Exporters sold 523,382 tons in the week through Oct. 11, up 4.5 percent from the prior seven days, according to the USDA.
“Our export business is looking good,” Mark Schultz, the chief market analyst at Northstar Commodity Investment Co., said by telephone. “There’s still a lot of business being done.”
Soybean futures for November delivery climbed 2.4 percent to settle at $15.455 a bushel at 2 p.m. on the Chicago Board of Trade, the biggest gain since Sept. 12. Futures have surged 18 percent since mid-June as the worst U.S. drought since 1956 curbed production.
Corn futures for December delivery gained 2 percent to $7.6075 a bushel in Chicago. The price is up 50 percent since June 15 because of dry weather in the U.S.
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