Soybean futures gained for a third straight session after a government report showed increased overseas demand for supplies from the U.S, the biggest grower. Corn and wheat also advanced.
Soybeans inspected for export rose 65 percent to 254,299 metric tons in the week ended April 24 from a week earlier, the U.S. Department of Agriculture said in a report today. U.S. sales of soybean meal jumped to 186,325, five times as much as a week earlier, the USDA said last week. U.S. shipments are holding up in the face of expectations for a record crop in Brazil, the biggest exporter, said Sterling Smith, a futures specialist at Citigroup Inc. in Chicago.
“Export demand for soybeans is not slowing seasonally” with Brazil nearing the end of its harvest, Smith said in a telephone interview. “Meal export demand remains active,” increasing consumption of soybeans in the U.S., Smith said.
Soybean futures for delivery in July climbed 0.4 percent to close at $15 a bushel at 1:15 p.m. on the Chicago Board of Trade, capping the first three-day gain since April 16. The oilseed has risen 16 percent this year.
Corn and wheat rose on speculation that cold, wet weather early this week will delay seeding in the U.S., the biggest exporter of the crops. Corn planting was 19 percent completed as of April 27, down from 28 percent on average the prior five years. Farmers had sown 18 percent of the spring-wheat crop, down from the five-year average of 30 percent.
Storms will bring more than 2 inches (5.1 centimeters) of rain to the northern Midwest, including parts of Iowa and Wisconsin, and below-normal temperatures by midweek may slow fieldwork, QT Weather in Chicago said.
Corn futures for July delivery advanced 0.2 percent to $5.1375 a bushel. The grain headed for the fourth monthly increase, the longest rally since October 2010.
Wheat futures for delivery in July rose less than 0.1 percent to $7.085 a bushel.