Dec. 9 (Bloomberg) -- Soybeans rose to the highest in 11 weeks on increased demand from China, the world’s biggest buyer and consumer. Corn gained, while wheat declined before a U.S. government report tomorrow on global supply.
U.S. exporters sold 230,000 metric tons of soybeans to China for delivery before Aug. 31 and an additional 60,000 tons for shipment in the 12 months that start Sept. 1, the U.S. Department of Agriculture said today in statement. China imported 6.03 million tons in November, up 45 percent from a year earlier, the Customs Administration said yesterday in a report.
“China continues to buy U.S. soybeans, reducing supplies available for domestic crushers,” Brian Grete, the senior market analyst for Professional Farmers of America newsletter in Cedar Falls, Iowa, said in a telephone interview. “It’s all about demand.”
Soybean futures for delivery in January added 1.4 percent to close at $13.4375 a bushel at 1:15 p.m. on the Chicago Board of Trade, after touching $13.4675, the highest since Sept. 19.
In the week ended Dec. 5, soybeans inspected for export rose 25 percent to 60.43 million bushels from a year earlier. About 69 percent of the total was shipped to China last week, USDA data show. Rising exports are expected to reduce the U.S. inventory before the 2014 harvest to 153 million bushels from 170 million estimated in November, according to a Bloomberg News survey of analysts.
Corn futures for delivery in March climbed 0.9 percent to $4.38 a bushel in Chicago after rising 2.3 percent last week, the most since the end of August.
Wheat futures for delivery in March fell 0.1 percent to $6.505 a bushel on the CBOT.
World wheat production will jump 6.6 percent to 698.4 million tons in the 2013-14 season, the International Grains Council forecasts. Tomorrow at noon in Washington, the USDA is expected to raise its forecast for global inventories to 179.98 million tons, up from a 178.48 million estimate in November, according to a Bloomberg survey.
--Editors: Millie Munshi, Thomas Galatola