BLBG:Soybeans Reach Six-Month High as Importers Boost U.S. Purchases
Soybeans advanced to a six month high as export sales of the next U.S. crop, set to be the world’s largest, gained pace and a strike by truckers threatened to disrupt deliveries from Argentina.
Soybeans for May delivery rose as much as 0.2 percent to $13.715 a bushel on the Chicago Board of Trade, the highest price for the most-active contract since Sept. 15, and were at $13.6825 at 11:30 a.m. Singapore time. Futures, up 2.3 percent this week, are set for the fifth straight weekly advance. That will be the longest weekly winning streak since Nov. 5, 2010.
Exporters in the U.S., the biggest grower and shipper of the oilseed, sold 784,000 metric tons for delivery in the marketing year beginning Sept. 1, compared with 630,800 tons a week earlier, the U.S. Department of Agriculture said yesterday. In Argentina, the third-largest shipper, the transport federation known as FETRA, which represents eight grain producing provinces, called for a strike on March 19.
“The export sales report is something that’s supportive of prices,” Chung Yang Ker, an analyst at Phillip Futures Pte., said by phone from Singapore today. “The strike in Argentina and some positioning ahead of the USDA prospective planting” report are pushing prices higher, he said.
The USDA is scheduled to release its survey of farmers’ planting intentions in two weeks.
Corn for May delivery was little changed at $6.6875 a bushel, after climbing yesterday as much as 2.2 percent to $6.73, the highest price for the most-active contract since Sept. 22. Futures are headed for a 3.7 percent gain this week, the biggest such advance since the five days ended Jan. 27.
The planting report may confirm USDA’s forecast last month that the farmers in the U.S. will sow the most acres since World War II, pushing corn prices lower, Lynette Tan, an analyst at Phillip Futures said.
Wheat for May delivery was unchanged at $6.6475 a bushel after surging as much as 3.7 percent yesterday. Futures are set for a 3.4 percent rise this week.
To contact the reporter on this story: Luzi Ann Javier in Singapore at ljavier@bloomberg.net
To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net
