Soybean futures in Chicago advanced to the highest level in 16 months on optimism that demand for U.S. crops will remain strong. Corn and wheat also gained. Soybeans climbed on expectation that the U.S. Department of Agriculture will report improved exports. U.S. export sales are expected to be in a range of 700,000 to 1.2 million metric tons in the week ended Oct. 7, compared with 654,548 tons a year earlier, according to a Bloomberg survey. U.S. shipments of corn and wheat are also estimated to increase, the survey showed. The data is scheduled to be released at 8:30 a.m. in Washington. “Demand remains strong, especially from China, supporting gains,” said Ker Chung Yang, an analyst at Phillip Futures Ltd. “If the export data is better than estimated, it is likely to push soybean prices higher,” Ker said. Soybeans for November delivery gained as much as 1.3 percent to $12.14 a bushel in Chicago, the highest price since June 5 last year, and traded at $12.135 a bushel at 10:43 a.m. in Singapore. U.S. producers of animal feed and vegetable oils in September increased soybean use by 16 percent from a year earlier to 124.9 million bushels, according to the National Oilseed Processors Association. Exporters sold 280,000 metric tons of soybeans to China for delivery in the year that began Sept. 1, the USDA said Oct. 15. “The weakening tone of dollar is also a supportive influence” for grain prices, Ker said. The dollar traded at $1.4042 per euro as of 9:41 a.m. in Singapore from $1.4084 in New York yesterday, when it reached $1.4122, the lowest level since Jan. 26. Corn futures for December delivery rose as much as 1.3 percent to $5.745 a bushel on the Chicago Board of Trade, before trading at $5.74. Wheat futures for December delivery advanced as much as 1 percent to $7.0775 a bushel and were last at $7.0575. To contact the reporters on this story: Supunnabul Suwannakij in Bangkok at ssuwannakij@bloomberg.net To contact the editor responsible for this story: Richard Dobson at rdobson4@bloomberg.net

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