Strong demand leads soybeans higher Monday
Soybeans jumped on signs of strong demand for inventories from the U.S., the world's second-biggest exporter of the oilseeds behind Brazil. Corn and wheat also gained.
About 59.381 million bushels of U.S. soybeans were inspected for overseas shipment in the seven days ended Thursday, up 10% from the prior week, the Department of Agriculture said in a report Monday. Since the start of the marketing year Sept. 1, about 984.3 million bushels of wheat have been inspected for export, up 14% from the same timeframe last year, according to the USDA.
Soybean futures for January delivery, the little-traded front-month contract, gained 23 cents, or 1.8%, to $13.26 3/4 a bushel on the Chicago Board of Trade. Contracts for March delivery rose 15 3/4 cents, or 1.2%, to $12.94 1/4 a bushel.
Corn inspections totaled 20.9 million bushels, up from 19.3 million last week. The government inspected 25.2 million bushels of wheat through Jan. 9, nearly twice the amount in the prior seven days, according to the USDA.
Corn futures for March delivery rose 1 3/4 cents, or 0.4%, to $4.34 1/2 a bushel in Chicago.
Wheat futures for March delivery gained 4 1/2 cents, or 0.8%, to $5.73 1/2 a bushel on the CBOT.
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(END) Dow Jones Newswires
January 13, 2014 14:54 ET (19:54 GMT)
DJ Soybeans Jump on Signs of Strong Demand For U.S. Inventories->copyright