Nov. 21 (Bloomberg) -- Soybean futures rose the most in more than a week on increased demand for U.S. supplies from China, the world’s top consumer. Corn climbed, and wheat fell.
U.S export sales of soybeans more than doubled to 1.38 million metric tons in the week ended Nov. 14 from a year earlier, the U.S. Department of Agriculture said today in a report. Of that total, China bought 84 percent. Accumulated sales for delivery by Aug. 31 are 32 percent higher than last year, compared with a USDA forecast for a 9.9 percent gain.
“Export sales were higher than expected last week,” Terry Reilly, the senior commodity analyst at Futures International LLC in Chicago, said in a telephone interview. “Chinese demand continues to provide upside support to the futures trade.”
Soybean futures for January delivery rose 1.4 percent to close at $12.915 a bushel at 1:15 p.m. on the Chicago Board of Trade, the biggest gain for the most-active contract since Nov. 8.
Soybeans also climbed on higher demand for U.S. vegetable oil and a jump in competing palm-oil prices to a 13-month high, Reilly said. U.S. exporters last week sold 95,808 tons of soybean oil, an 11-month high, government data showed.
Soybean-oil futures for January delivery surged 3.1 percent to 41.8 cents a pound in Chicago, the biggest advance since Aug. 26.
Corn futures for March delivery rose 1 percent to $4.295 a bushel. U.S. export sales rose 23 percent in the week ended Nov. 14 to 945,134 tons from a year earlier.
Wheat futures for March delivery declined 0.1 percent to $6.5475 a bushel.
Corn is the biggest U.S. crop, followed by soybeans, hay and wheat, USDA data show.
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