Soybeans climbed for the first time in four days, paring a weekly loss, on signs shipping bottlenecks in Brazil, poised to be the world’s largest shipper, are sending importers back to the U.S.
The oilseed for May delivery gained as much as 0.6 percent to $14.4375 a bushel on the Chicago Board of Trade, and was at $14.42 by 11:05 a.m. Singapore time. Futures, which touched a two-week low yesterday, are set for a 2 percent drop this week.
U.S. export sales of the old soybean crop jumped 68 percent to 657,724 metric tons in the week ended March 7, from a week earlier, the U.S. Department of Agriculture said yesterday. The beans are for delivery in the year ending Aug. 31.
About 195 vessels set to ship 11.7 million tons of soybeans and soy products are berthed, arrived and expected at major ports in Brazil as of March 14, up from 181 vessels a week earlier, SA Commodities and Unimar Agenciamentos Maritimos said yesterday.
Corn for delivery in May slipped 0.2 percent to $7.1525 a bushel. Wheat for May was little changed at $7.24 a bushel.
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