Soybeans Head for Weekly Gain as Demand for U.S. Supply Climbs
Soybeans advanced to a one-week high, poised for a weekly gain, as demand climbed for supplies from the U.S., the world’s second-biggest exporter.
The contract for January delivery increased as much as 0.4 percent to $12.97 a bushel on the Chicago Board of Trade, the highest level for most-active futures since Nov. 15, and was at $12.9425 at 12:09 p.m. in Singapore. Prices climbed 1.4 percent yesterday, the most since Nov. 8, and are set to gain 1.1 percent this week.
U.S export sales of soybeans jumped to 1.38 million metric tons in the week ended Nov. 14 from 909,122 tons a week earlier, the U.S. Department of Agriculture said yesterday. China, the world’s biggest importer, bought 84 percent of the total. Soybeans fell 8.2 percent this year as global production may climb to a record 283.5 million tons, the USDA estimates.
“USDA reports flagged greater interest in U.S. supplies,” Australia & New Zealand Banking Group Ltd. analysts including Paul Deane wrote in a note today. “Total U.S. soybean commitments at 35.4 million tons mean that 90 percent of the USDA’s forecast soybean exports for 2013-14 have already been accounted for.”
Accumulated U.S. sales for delivery by Aug. 31 are 32 percent higher than last year and exports may climb 9.9 percent to 39.5 million tons in 2013-2014, the USDA estimates.
Corn for March delivery advanced 0.2 percent to $4.3025 a bushel, little changed this week. Wheat for delivery in March rose 0.2 percent to $6.5575 a bushel, set to gain 0.2 percent this week.
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