Demand news sends soybeans skyward
Soybeans rose to the highest price in more than a week on signs of strong demand from both domestic processors and overseas buyers of U.S. oilseeds. Wheat and corn also gained.
The U.S. Department of Agriculture said it inspected 939,738 metric tons of soybeans for overseas shipment in the week that ended on March 13, and domestic processors' crush rate, or the rate at which they process the oilseeds, was 141.6 million bushels, topping analyst forecasts of 138 million bushels, the National Oilseed Processors Association said in a Monday report.
Chicago Board of Trade soybean futures for May delivery rose 26 1/2 cents, or 1.9%, to $14.18 1/4 a bushel, the highest closing price for a front-month contract since March 10.
Wheat futures jumped as the condition of the hard-red winter wheat crop in the U.S. declines amid dry, windy weather. About 34% of the crop in Kansas, the biggest grower of the grain, was rated good or excellent, down from 37% a week earlier, the USDA said in a Monday report.
Wheat futures for May delivery gained 18 cents, or 2.7%, to $6.92 1/2 a bushel.
Corn gained on signs of strong demand for the grain after the USDA said it inspected 976,742 metric tons in the week through March 13, up 4.3% from the prior week.
Corn futures for May delivery rose 7 1/4, or 1.5%, to $4.86 1/4 a bushel on the CBOT.
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(END) Dow Jones Newswires
March 18, 2014 14:38 ET (18:38 GMT)
DJ Soybeans Rise on Signs of Strong Demand; Wheat, Corn Jump->copyright