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Exports push corn, soybeans higher

10/31/2013 @ 8:25am

Corn gained 1.1% and soybeans rose 0.4% in overnight trading as export sales in the three weeks that ended Oct. 24 were higher than expected. Wheat declined.

Corn exporters sold 4.56 million metric tons of the grain to overseas buyers during the timeframe, the U.S. Department of Agriculture said in a report Thursday. Analysts surveyed by Dow Jones Newswires expected sales of 1.8 million to three million tons. Mexico was the biggest buyer, purchasing 1.69 million tons, while China bought 777,600 tons, according to the USDA.

Soybean sales totaled 4.74 million tons, with China purchasing 2.11 million, the USDA said in the report. Analysts had forecast total sales from 2.1 million to three million tons. Exporters sold 1.31 million tons of wheat, on the low end of analysts expectations.

With electronic trading paused until the open outcry session starts at 9:30 a.m. EDT, Chicago Board of Trade corn futures for December delivery rose 4 1/2 cents to $4.34 3/4 a bushel, heading for their second gain in three sessions.

Soybean futures for November delivery on the CBOT increased 5 1/2 cents to $12.93 a bushel overnight.

Wheat futures for December delivery fell 2 1/4 cents, or 0.3%, to $6.72 3/4 a bushel in Chicago.

Write to Tony Dreibus at tony.dreibus@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 31, 2013 09:04 ET (13:04 GMT)
DJ Corn, Soy Gain as Export Sales Top Expectations; Wheat Falls->copyright

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