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Demand buoys wheat; soybeans rise

11/06/2013 @ 8:43am

Wheat futures gained 0.3% overnight on signs of strong demand for inventories from the U.S., the world's biggest exporter of the grain. Soybeans advanced while corn was unchanged in overnight trading.

Egypt has said it plans to buy as much as 60,000 metric tons of wheat from global sources while Jordan will tender for 100,000 tons of the grain. U.S. exporters have shipped 15.4 million tons of wheat since the start of the marketing year on June 1, up 47% compared with the same period a year earlier, according to the Department of Agriculture.

With electronic trading paused until the open outcry session starts at 9:30 a.m. EST, Chicago Board of Trade wheat futures for December delivery rose 2 1/4 cents to $6.58 1/4 a bushel.

Soybean futures for November delivery on the CBOT rose 5 1/2 cents, or 0.4%, to $12.64 3/4 a bushel in overnight trading.

Wheat futures for December delivery were unchanged at $4.25 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
November 06, 2013 09:12 ET (14:12 GMT)
DJ Wheat Gains on Strong Demand For U.S. Grain; Soybeans Rise->copyright

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