BLBG:Soybeans Jump to Five-Week High as U.S. Crushes Most Since 2010
Soybeans advanced above $15 for the first time in more than five weeks after crushing in the U.S., last year’s biggest shipper, increased in November to the highest level since 2010, adding to signs of stronger demand.
The contract for delivery in March climbed as much as 0.7 percent to $15.0125 a bushel, the highest price for the most- active contract on the Chicago Board of Trade since Nov. 8. Futures were at $14.95 at 4:11 p.m. Singapore time, extending this year’s gain to 24 percent.
Crushers in the U.S. used 157.3 million bushels last month to make animal feed and cooking oil, the biggest amount since January 2010, data from the National Oilseed Processors Association tracked by Bloomberg showed. U.S. exporters sold 1.319 million tons in the week ended Dec. 6, the most soybeans since Nov. 2010, according to government data.
“Strong demand for U.S. soybeans, both domestic and abroad, remains the main factor supporting prices,” Luke Mathews, a commodity strategist at Commonwealth Bank of Australia, said in a report e-mailed today.
Corn for March delivery slipped 0.2 percent to $7.2925 a bushel in Chicago, while wheat for delivery in the same month fell 0.1 percent to $8.13 a bushel.
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
