Soybeans jumped the most in four weeks because of shipping delays in Brazil, forecast to become the world’s biggest exporter. Corn climbed, and wheat declined.
At major ports in Brazil, 207 vessels were set to haul 12.4 million tons of soybeans and related products, up from 11.7 million a week earlier, data from SA Commodities and Unimar Agenciamentos Maritimos showed today. The nation will surpass the U.S. as the top shipper this year as farmers harvest a record 83.5 million tons, the U.S. government has said.
“The size of the crop was so large and the tightness in the soybean market so well publicized that we’re seeing ships showing up in the harbors that are there to pick up grain, but they don’t know where they’re going and whose grain they’re picking up,” Sterling Smith, a futures specialist at Citigroup Global Markets Inc. in Chicago, said in a telephone interview.
Soybean futures for delivery in May gained 2.1 percent to settle at $14.49 a bushel at 2 p.m. on the Chicago Board of Trade, the biggest gain for a most-active contract since Feb. 19.
Corn futures for May delivery rose 0.1 percent to $7.33 a bushel. The price has climbed for six straight sessions, the longest rally in two months.
Wheat futures for May delivery fell 1 percent to $7.2875 a bushel. Yesterday, the price reached $7.37, the highest since Feb. 21.