Nov. 22 (Bloomberg) -- Soybeans rose to the highest in eight weeks in Chicago on signs demand is increasing for supplies from the U.S., the world’s second-biggest exporter. Wheat also gained, while corn futures fell.
U.S. exporters reported 115,000 metric tons of soybeans sold to China for delivery before Aug. 31, the U.S. Department of Agriculture said today. Sales reported in the week ended Nov. 14 jumped 62 percent from a week earlier to 1.38 million, the USDA said yesterday. China, the top importer, bought 84 percent of the total. Sales of soybean meal since Oct. 1 are 27 percent higher than a year earlier, boosting processor demand for the oilseed.
“More sales to China and strong overseas demand for U.S. soybean meal continue to lift the soybean market,” Greg Grow, the director of agribusiness for Archer Financial Services Inc. in Chicago, said in a telephone interview. “The market is rising to generate incentives for farmers to sell more soybeans to satisfy exporter and processors’ demands.”
Soybean futures for January delivery increased 2.2 percent to close at $13.195 a bushel at 1:15 p.m. on the Chicago Board of Trade, the biggest gain since Nov. 8. Earlier, the price touched $13.22, the highest since Sept. 27. The oilseeed advanced 3 percent this week.
Soybean-meal futures for January delivery jumped 3.8 percent to $421 for 2,000 pounds of the animal feed, the biggest gain in two weeks.
Corn futures for March delivery dropped 0.1 percent to $4.2925 a bushel, capping a fourth weekly drop in five. The USDA estimates U.S. production jumped 30 percent to a record 13.989 billion bushels this season.
Wheat futures for March delivery rose 0.3 percent to $6.57 a bushel, posting a second straight weekly gain.
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