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Soybeans close 16¢ higher Friday

11/30/2013 @ 9:44am

Soybeans closed at the highest price since September after a U.S. government report showed export sales of the oilseeds topped expectations. Wheat also rose while corn futures declined.

Exporters sold 1.406 million metric tons of U.S. soybeans for delivery in the 2013-2014 marketing year in the week that ended on Nov. 21, the government said in a Friday report. Analysts forecast sales from 500,000 to 1.2 million tons.

For the 2014-2015 marketing year that starts on Sept. 1, 2014, sales totaled 364,900 tons last week, USDA data show. China bought another 110,000 tons of soybeans for delivery next year, the government said in a separate report on Friday.

"We got another big export sales report and the market ran right back to the upside in response," said Charlie Sernatinger, Chicago's global head of grain futures at brokerage ED&F Man Capital Markets, in a research note.

Soybean futures for January delivery rose 16 3/4 cents, or 1.3%, to $13.36 3/4 a bushel on the Chicago Board of Trade, the highest closing price for a front-month contract since Sept. 19.

Wheat futures for December delivery rose 3 3/4 cents, or 0.6%, to $6.55 a bushel on the CBOT, the highest closing price for the front-month contracts since Nov. 5.

U.S. corn exporters sold 1.007 million tons of the grain in the week through Nov. 21, on the high end of analysts' expectations, according to the USDA. While sales last week were strong, investors may be selling on a lack of recent demand news, said Jamey Kohake, a broker for Paragon Investments in Silver Lake, Kan. Forecasts for a record U.S. production of 13.989 billion bushels and stockpiles at nearly 2 billion bushels are weighing on corn prices, he said.

Corn futures for December delivery fell 1 1/2 cents, or 0.4%, to $4.15 3/4 a bushel on the CBOT.

Write to Tony C. Dreibus at tony.dreibus@wsj.com

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(END) Dow Jones Newswires

November 29, 2013 14:30 ET (19:30 GMT)

DJ Soybeans Close at Highest Since September on Demand -- Update->copyright

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