Soybeans advanced toward the biggest weekly gain in four months on signs of sustained demand for the U.S. crop from China, which accounts for more than 60 percent of world imports. Corn also increased. Soybeans for July delivery climbed as much as 0.8 percent to $14.385 a bushel on the Chicago Board of Trade, the highest level for the most-active contract since March 28, and were at $14.3375 by 3:07 p.m. Singapore time. Futures are set for a 2.5 percent gain this week, the biggest such increase since Jan. 18. China purchased 79 percent of the 346,634 metric tons sold by U.S. exporters in the week ended May 9 for delivery in the year beginning Sept. 1, the U.S. Department of Agriculture said in a report yesterday. That takes total U.S. sales for the next marketing year to 8.86 million tons, even before many farmers could plant their crops, USDA data show. Futures are set for a third straight weekly gain, the best such run since Feb. 1. “Sustained U.S. soybean export sales to China supported soybean values,� Luke Mathews, a commodity strategist at Commonwealth Bank of Australia, wrote in a report today. About 6 percent of the U.S. crop was planted as of May 12, behind last year’s pace of 43 percent and an average of 24 percent in the previous five years, according to the USDA. Corn for July delivery gained 0.4 percent to $6.44 a bushel in Chicago, poised for a 1.2 percent gain this week, on volume that was 50 percent below the 100-day average for that time of day. Wheat for July delivery was little changed at $6.8825 a bushel, set for a 2.3 percent loss 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

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