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Soybeans Rebound From Three-Month Low; Wheat Gains; Corn Falls

Oct. 3 (Bloomberg) -- Soybean prices rebounded from a three-month low on speculation that demand will increase in the U.S., the world’s second-biggest consumer. Wheat rose, and corn declined.

Soybean futures tumbled as much 16 percent from a record on Sept. 4. Last month, the U.S. Department of Agriculture forecast that domestic use in the year that began Sept. 1 will be 2.67 billion bushels, down from 3.105 billion estimated in July and 3.157 billion consumed a year earlier.

“Soybeans are back to price levels that the government said would result in stronger demand,” Richard Feltes, a vice president at R.J. O’Brien & Associates in Chicago, said in a telephone interview. “Farmers have also quit selling crops because of the price drop, which is tightening up cash supplies.”

Soybean futures for November delivery rose 0.1 percent to close at $15.3175 a bushel at 2 p.m. on the Chicago Board of Trade. Earlier, the price touched $15.04, the lowest for a most-active contract since July 5. The oilseed reached a record $17.89 on Sept. 4 after a drought that the USDA said will cut output to the lowest in nine years. China is the top consumer.

Wheat futures for December delivery gained 0.2 percent to $8.73 a bushel in Chicago. The grain declined 3.4 percent in the previous two sessions.

Corn futures for December delivery fell 0.2 percent to $7.5675 a bushel. The price jumped 5.9 percent the past three sessions.

In the U.S., corn is the biggest crop, valued at $76.5 billion in 2011, followed by soybeans at $35.8 billion, government figures show. Wheat is the fourth-largest at $14.4 billion, behind hay.

To contact the reporter on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net

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