Soybeans advanced for a fifth day, heading for the longest such rally in more than four months, on concern that rain in the U.S. will slow the harvest.
The contract for delivery in November climbed as much as 0.6 percent to $13.0375 a bushel on the Chicago Board of Trade, and was at $13.0125 by 12:11 p.m. in Singapore. A fifth day of advance would be the best run since May 23.
Rain over the past week in the Midwest, the biggest growing region in the U.S., may delay the harvest early this week, forecaster DTN said yesterday. Informa Economics Inc. cut its output forecast on Oct. 4 by 1.5 percent to 3.176 billion bushels from a Sept. 20 estimate, partly because crop conditions worsened last month. The harvest was 11 percent completed as of Sept. 29, trailing the five-year average, government data showed.
“Rains over the weekend and expectations of storms in the U.S. raised concern soybean harvest will slow,” Vanessa Tan, an investment analyst at Phillip Futures Pte, said by phone today.
Soybeans dropped 7.7 percent this year as the U.S. crop recovered from a drought in 2012 and the harvest in Brazil headed for a record. U.S. soybean output will reach 3.161 billion bushels, more than the U.S. Department of Agriculture’s estimate of 3.149 billion, analysts predicted in a Bloomberg survey. Brazil will harvest 86.2 million tons (3.17 billion bushels) in 2013-2014, forecaster Celeres said yesterday.
Wheat for delivery in December gained as much as 0.4 percent to $6.9725 a bushel before trading at $6.97. Corn for delivery in December was unchanged at $4.4925 a bushel.
The USDA’s scheduled update of global supply and demand forecasts on Oct. 11 will be delayed by the government’s partial shutdown that began Oct. 1, a spokeswoman said yesterday.
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