BLBG:Soybeans Gain a Second Day as Price Drop May Boost Import Demand
Soybeans rose for second day in Chicago on speculation import demand may strengthen after prices fell from a record.
Soybeans have dropped 14 percent from the all-time high of $17.89 a bushel on Sept. 4. Taiwan bought 60,000 metric tons of Brazilian soybeans from Bunge Ltd. for delivery in February at a tender today, the Breakfast Soybean Procurement Association-Taichung Group said in an e-mail.
“There have been some pretty heavy exports lately so some demand is being met,” William Adams, a fund manager at Resilience AG in Zurich, said today by phone. “If there is a good season in Australia and South America, we could see some more weakness.”
Soybeans for delivery in November climbed 0.8 percent to $15.43 a bushel on the Chicago Board of Trade at 10:51 a.m. in London. The oilseed yesterday advanced 0.1 percent after dropping 4.4 percent in two sessions.
Corn for December delivery gained 0.6 percent to $7.61 a bushel and wheat for delivery in the same month was up 0.1 percent at $8.7375 a bushel. Milling wheat futures jumped 1 percent on NYSE Liffe in Paris.
To contact the reporter on this story: Whitney McFerron in London at wmcferron1@bloomberg.net
To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net
