Soybeans Settle Higher Monday on Demand News
Soybean and corn futures settled higher Monday after a U.S. government report showed continued strong demand for the crops overseas. Wheat was unchanged.
Delays planting this year's corn and soybean crops have added to uncertainty in agricultural markets, as cold and wet conditions have kept many farmers out of their fields, though traders were looking ahead to a report on planting progress expected later Monday from the U.S. Department of Agriculture.
May-dated soybean futures at the Chicago Board of Trade settled 10 1/4 cents, or 0.7%, higher at $15.08 1/4 a bushel.
Exports of soybeans for the current 2013-14 season are running well ahead of the prior year, according to a weekly U.S. Department of Agriculture report Monday on grain-export inspections. Analysts said prices also drew support from strong demand for the beans among domestic processors.
CBOT May corn contracts closed up 3/4 of a cent, or 0.2%, at $5.07 3/4 after the USDA report showed more than 1.1 million metric tons of the grain inspected by the agency for overseas shipment in the past week. So far in the current marketing year U.S. officials have inspected for export more than double the amount of corn examined during the same period in the prior year.
CBOT May wheat contracts settled unchanged at $7.00 1/4 a bushel after the contract traded lower for much of Monday's session.
Favorable weather conditions in other major wheat-producing areas of the world, such as Australia and Eastern Europe, pressured prices despite an anticipated toll on the U.S. crop after weeks of dry weather in the southern U.S. Great Plains.
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(END) Dow Jones Newswires
April 28, 2014 15:12 ET (19:12 GMT)
DJ Soybeans Settle Higher as Demand Offsets Planting Uncertainty->copyright