Soybeans Gain a Second Day as Price Drop May Boost Import Demand
Soybeans rose for second day in Chicago on speculation import demand may strengthen after prices fell from a record.
Soybeans have dropped 14 percent from the all-time high of $17.89 a bushel on Sept. 4. Global exports will climb 4.1 percent to a record 93.7 million metric tons in 2012-13, the U.S. Department of Agriculture forecasts. China bought 110,000 tons from U.S. exporters and another 180,000 tons, the USDA said on Sept. 27 and Sept. 28.
“There have been some pretty heavy exports lately so some demand is being met,” William Adams, a fund manager at Resilience AG in Zurich, said today by phone. “If there is a good season in Australia and South America, we could see some more weakness.”
Soybeans for delivery in November climbed 0.9 percent to $15.46 a bushel on the Chicago Board of Trade at 12:39 p.m. in London. The oilseed yesterday advanced 0.1 percent after dropping 4.4 percent in two sessions.
Taiwan bought 60,000 tons of Brazilian soybeans from Bunge Ltd. for delivery in February at a tender today, the Breakfast Soybean Procurement Association-Taichung Group said by e-mail.
Corn for December delivery gained 0.6 percent to $7.6125 a bushel and wheat for delivery in the same month was up 0.2 percent at $8.7475 a bushel. Milling wheat futures jumped 0.9 percent on NYSE Liffe in Paris.
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