By Supunnabul Suwannakij - Mar 5, 2013
Bloomberg
Soybeans climbed for a second day to the highest level in more than a week as data showed an increase in U.S. weekly export inspection, signaling rising demand. Wheat rebounded from an eight-month low.
The contract for May delivery advanced as much as 0.5 percent to $14.6875 a bushel on the Chicago Board of Trade, the highest price for the most-active contract since Feb. 22, and was at $14.65 at 11:38 a.m. in Singapore.
Government officials inspected 40.3 million bushels of soybeans for exports for the week ended Feb. 28, exceeding the four-week average of 27.3 million bushel, according to the U.S. Department of Agriculture. About 15.7 million bushels of yellow corn were inspected, compared with the four-week average of 12.8 million bushels, the USDA said yesterday.
“Weekly export inspections in the U.S. as well as firm cash market point to strong demand for corn and soybeans,” Joyce Liu, an investment analyst at Phillip Futures Pte., said by phone from Singapore. “Demand in the soybean market for nearby old-crop supplies is strong, yet supply is limited.”
Corn for May delivery rose 0.2 percent to $7.045 a bushel. Wheat futures for May delivery rallied 0.4 percent to $7.05 a bushel after falling to $6.975 yesterday, the lowest price for the most-active contract since June 25.
Bloomberg
Soybeans climbed for a second day to the highest level in more than a week as data showed an increase in U.S. weekly export inspection, signaling rising demand. Wheat rebounded from an eight-month low.
The contract for May delivery advanced as much as 0.5 percent to $14.6875 a bushel on the Chicago Board of Trade, the highest price for the most-active contract since Feb. 22, and was at $14.65 at 11:38 a.m. in Singapore.
Government officials inspected 40.3 million bushels of soybeans for exports for the week ended Feb. 28, exceeding the four-week average of 27.3 million bushel, according to the U.S. Department of Agriculture. About 15.7 million bushels of yellow corn were inspected, compared with the four-week average of 12.8 million bushels, the USDA said yesterday.
“Weekly export inspections in the U.S. as well as firm cash market point to strong demand for corn and soybeans,” Joyce Liu, an investment analyst at Phillip Futures Pte., said by phone from Singapore. “Demand in the soybean market for nearby old-crop supplies is strong, yet supply is limited.”
Corn for May delivery rose 0.2 percent to $7.045 a bushel. Wheat futures for May delivery rallied 0.4 percent to $7.05 a bushel after falling to $6.975 yesterday, the lowest price for the most-active contract since June 25.
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