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235464

Corn, Soybeans Close Higher as Investors Focus on Demand

Export Sales Rise Week-Over-Week

Corn and soybean futures closed higher on Friday as investors focus on strong demand for U.S. inventories. 

Exporters sold more than 1.5 million metric tons of corn and 2 million metric tons of soybeans in the week that ended December 8, the Department of Agriculture said in a report on Thursday. Since the start of the marketing year on September 1, sales of corn are up almost 80% year-over-year, and soybean sales have gained almost 30%, the USDA said. 

Overseas buyers have been snapping up U.S. supplies due to low prices amid a glut of both crops. Growers this year harvested a record 15.2 billion bushels of corn and 4.36 billion bushels, according to the government. 

Corn futures for March delivery rose ¾¢ to $3.57¼ a bushel on the Chicago Board of Trade. 

Soybean futures for January delivery added 7¾¢ to $10.36¾ a bushel. Soy meal added $2.60 to $316.60 a short ton, and soy oil gained 0.05¢ to 36.79¢ a pound. 

Wheat futures rebounded, turning higher late in the afternoon after being down much of the session. Chicago wheat added 1¾¢ to $4.11 a bushel. Kansas City futures for March delivery added 2¾¢ to $4.15½ a bushel. 

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