Soybeans Rise Most in Four Weeks on China Demand; Corn DeclinesJeff Wilson
Soybean futures rose the most in four weeks as purchase of U.S. supplies increased in China, the world’s biggest consumer of the oilseed used in livestock feed. Corn fell, while wheat gained.
U.S. shippers reported sales of 216,000 metric tons of soybeans to China for delivery after Sept. 1, the Department of Agriculture said today in a statement. That brought spot exports to the Asian nation this week to 791,000 tons. Imports by China, the top hog producer, jumped to a record 7.4 million tons last month, the nation’s customs data showed today.
“Chinese import demand continues to be very strong,” Tim Emslie, the research manager at CHS Hedging Inc. in Inver Grove Heights, Minnesota, said in a telephone interview. “The demand is tightening available supplies in the U.S.”
Soybean futures for March delivery climbed 1.3 percent to $12.9075 a bushel at 10:13 a.m. on the Chicago Board of Trade. A close at that price would mark the biggest gain for a most-active contract since Dec. 9.
Corn futures for delivery in March fell 0.9 percent to $4.0825 a bushel. The price headed for the fourth straight decline, the longest slump in two months. Yesterday, the grain touched $4.08, the lowest since August 2010.
Wheat futures for March delivery rose 0.1 percent to $5.8475 a bushel. Yesterday, the price touched $5.785, the lowest since December 2011.
Grain prices have tumbled as bumper crops from the U.S. to China expand global reserves.
The USDA is scheduled to release monthly crop estimates for production and reserves at noon in Washington.