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Soybeans Rise Most in Eight Weeks on U.S. Export Demand

Soybean futures jumped the most in eight weeks on signs of increasing export demand from the U.S., the world’s second-biggest shipper. Grains climbed.

Today, the U.S. Department of Agriculture reported soybean-export sales of 120,000 metric tons to China for delivery by Aug. 31 and 240,000 tons to unknown destinations for arrival in the 12 months starting Sept. 1. On July 11, futures touched a 45-month low amid forecasts for a bumper U.S. crop. Brazil was the top shipper last year.

“We can see the commercial side stepping into the market,” Darin Newsom, a senior analyst at DTN Inc. in Omaha, Nebraska, said in a telephone interview. “Demand for soybeans is coming from those who actually need the cash supplies.”

Soybean futures for November delivery climbed 1.4 percent to settle at $11.02 a bushel on the Chicago Board of Trade, the biggest gain for a most-active contract since May 21. On July 11, the price touched $10.65, the lowest since Oct. 8, 2010.

The oilseed has dropped 15 percent this year. U.S. growers will harvest 3.8 billion bushels this year, compared with 3.289 billion last year, and reserves from last season’s crop will be 140 million, up from 125 million estimated last month, the government said on July 11. World inventories will climb to a record 85.31 million tons.

Corn futures for December delivery rose 1.3 percent to $3.8675 a bushel, the biggest increase since June 19. Yesterday, the grain touched $3.7825, the lowest since July 28, 2010. The price has declined 8.4 percent this year.

Wheat futures for September delivery climbed less than 0.1 percent to $5.38 a bushel. Two days ago, the grain touched $5.2425, the lowest since July 7, 2010.

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