BLBG:Soybeans Rebound From Six-Week Low on Import Demand; Corn Climbs
Soybeans rose on speculation that a slump to the lowest price in six weeks may boost demand from importers. Corn and wheat climbed.
The oilseed dropped 9.5 percent since the U.S. drought spurred a rally to a record $17.89 a bushel on Sept. 4, as the harvest accelerated and demand slowed. U.S. exporters sold 717,732 metric tons of soybeans in the week ended Sept. 13, three times less than a week earlier, the Department of Agriculture said Sept. 20.
“It could be some bargain hunting,” said Victor Thianpiriya, an analyst at Australia & New Zealand Banking Group Ltd. in Singapore.
Soybeans for November delivery climbed 0.6 percent to $16.19 a bushel on the Chicago Board of Trade at 10:35 a.m. in London. Prices fell to $15.9025 yesterday, the lowest since Aug. 14. Corn for December delivery rose 0.3 percent to $7.4525 a bushel.
About 22 percent of the U.S. soybean crop was harvested as of Sept. 23, more than the previous five-year average of 8 percent, the USDA said yesterday. Thirty-nine percent of corn was harvested, above the five-year average of 13 percent.
Wheat for December delivery gained 0.1 percent to $8.9325 a bushel in Chicago. In Paris, November-delivery milling wheat rose 0.3 percent to 261.25 euros ($337.14) a ton on NYSE Liffe. The price is up 34 percent this year on speculation that Russia, last season’s third largest shipper, will institute export restrictions after dry weather hurt crops this year.
Prices of Russian wheat for export climbed to about $340 per ton this week, reaching the highest since the collapse of the Soviet Union more than two decades ago, the Institute for Agricultural Market Studies, or Ikar, said today. Egypt, the world’s biggest wheat importer, bought 235,000 tons of the grain from Russia, France and Ukraine in a tender Sept. 13.
“The market continues to look to Egyptian tenders for further confirmation of an already well telegraphed Russian exit from the market,” Jaime Nolan-Miralles, a commodity risk manager with INTL FCStone Inc. in Dublin, said in an e-mailed report.
To contact the reporter for this story: Phoebe Sedgman in Melbourne at psedgman2@bloomberg.net; Whitney McFerron in London at wmcferron1@bloomberg.net.
To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net
