Wheat Rises as China Buys U.S. Grain; Soybeans AdvanceTony C. Dreibus
Wheat gained for the first time in six sessions after China, the world’s biggest consumer, increased purchases of the grain from the U.S., the top exporter. Soybeans rose, while corn capped a weekly decline.
Exporters sold 120,000 metric tons of soft-red winter wheat to China, the U.S. Department of Agriculture said today. U.S. sales to foreign buyers have jumped in the marketing year that started June 1 to 11.7 million tons, up 44 percent from the same period a year earlier, government data show.
“Wheat’s all about demand,” Jim Gerlach, the president of A/C Trading Inc. in Fowler, Indiana, said by telephone. “Demand has been very good this year.”
Wheat futures for September delivery rose 0.6 percent to settle at $6.645 a bushel at 1:15 p.m. on the Chicago Board of Trade, the first gain since July 11. Prices are down 15 percent this year, partly on forecasts that global production will increase to a record.
Soybean futures for November delivery rose 0.7 percent to $12.74 a bushel, the first increase in three sessions. Prices are down 9.6 percent this year.
Corn futures for December delivery, after the harvest, were unchanged at $5.0075 a bushel in Chicago. The price is down 28 percent this year as the U.S. government forecast a record domestic crop of 13.95 billion bushels, a 29 percent increase from 2012.