May 10 (Bloomberg) -- Soybeans rose for the first time this week on speculation a government report today may show lower U.S. and world supplies than previously estimated. Corn and wheat gained.
U.S. soybean reserves at the end of the 2011-12 crop year may total 215 million bushels, 14 percent less than forecast last month, according to a Bloomberg survey of analysts before a Department of Agriculture report at 8:30 a.m. in Washington. Stockpiles may extend declines next year as adverse weather cuts South American crops, increasing demand for U.S. supplies. World soybean stockpiles may total 52.96 million metric tons, less than the 55.52 million estimated last month, analysts said.
“The fundamentals, particularly for oilseeds including soybeans and rapeseed, are still looking pretty bullish,” said Dave Norris, an independent grain broker in Harrogate, England.
Soybeans for July delivery rose 0.9 percent to $14.4375 a bushel on the Chicago Board of Trade by 11:01 a.m. in London, after falling 3.2 percent in the previous three days. Futures rose 20 percent this year as drought curbed South American output, while U.S. exports to China increased.
Rapeseed for August delivery climbed 0.3 percent to 477.75 euros ($617.92) a ton on NYSE Liffe in Paris, heading for a third straight gain. The contract is up 18 percent this year as a cold snap in February hurt crops in Europe.
Corn for July delivery gained 0.7 percent to $6.115 a bushel in Chicago. The grain slumped 2.5 percent yesterday, the most since May 2, after Global Weather Monitoring said beneficial conditions will boost planting and crop growth in parts of the U.S. The U.S. may harvest a record 14.395 billion bushels of corn, according to a Bloomberg News survey.
“When you get a large selloff of the scale we have seen in recent weeks, you do get somewhat of a bounce-back,” Michael Creed, an agribusiness economist at National Australia Bank Ltd., said by phone from Melbourne today.
July-delivery wheat rose 0.8 percent to $6.0425 a bushel. In Paris, November-delivery milling wheat fell 0.1 percent to 197 euros ($254.80) a ton.
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