Demand buoys soybeans Wednesday
Soybean futures rose 0.7%, the fifth gain in six sessions, on signs of increased demand for U.S. inventories and forecasts for low inventories. Corn and wheat prices declined.
USDA officials in the week through Oct. 24 inspected 83.6 million bushels for overseas delivery, up from 59.9 million a week earlier, the government said.
U.S. exporters sold 115,000 metric tons of soybeans to China for delivery in the current marketing year, the Department of Agriculture said on Monday. The USDA will release a report tomorrow with export sales data from Oct. 3 through Oct. 24 on Thursday, which analysts are expecting will show demand has been strong this month.
"Traders are putting a little extra premium into the market before tomorrow's export sales report," said Mike Zuzolo, the president of Global Commodity Analytics & Consulting in Atchison, Kan. "We're going to get an idea of how big demand was for October."
Soybean futures for November delivery on the Chicago Board of Trade rose 8 1/2 cents to $12.87 1/2 a bushel.
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Soybean stockpiles through the end of August that were the smallest in nine years are expected to rise only slightly this year as exports and domestic usage increases, according to the USDA.
Corn for December delivery fell 1 3/4 cents, or 0.4%, to $4.30 1/4 bushel in Chicago.
Wheat futures fell 6 1/4 cents, or 0.9%, to $6.75 a bushel in Chicago. The price declined as rain in the U.S. Southern Great Plains improves prospects for recently planted winter wheat used to make bread.
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(END) Dow Jones Newswires
October 30, 2013 15:35 ET (19:35 GMT)
DJ Soybeans Gain on Increased Demand; Corn, Wheat Fall -- Update->copyright
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