Demand signs kick soybeans higher
Soybean prices have gained on Thursday, reflecting strong demand for U.S. oilseeds from domestic crushers and overseas importers, while wheat prices fell and those for corn were unchanged.
Exporters sold 772,700 metric tons of soybeans for delivery in the marketing year that ends on Aug. 31, more than double the previous week, and 256,700 tons for delivery in the following 12 months, the U.S. Department of Agriculture said in a report on Thursday.
The USDA last month forecast inventories this year at 150 million metric tons. That projection is expected to be lowered in a report on Monday, according to analysts surveyed by the Wall Street Journal, who said the government would probably estimate stockpiles at 141.35 million tons.
With electronic trading paused until the open outcry session starts at 9:30 a.m. EST, Chicago Board of Trade soybean futures for March delivery gained 11 cents, or 0.8%, to $14.31 a bushel. Futures for May delivery, the most-active contract, fell 11 1/2 cents, or 0.8%, to $14.32 a bushel.
Corn futures for March delivery were unchanged in price at $4.75 1/4 a bushel in Chicago trading. May futures rose 3/4 cent, or 0.2%, to $4.82 3/4 a bushel.
Wheat futures prices for March delivery fell 3 1/4 cents, or 0.5%, to $6.34 a bushel on the CBOT. Futures for May delivery dropped 3 1/4 cents, or 0.5%, to $6.39 1/4 a bushel.
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(END) Dow Jones Newswires
March 06, 2014 09:26 ET (14:26 GMT)
DJ Soybeans Gain on Signs of Strong Demand For U.S. Oilseeds->copyright