Jan. 27 (Bloomberg) -- Soybeans rose for a second straight session on increased overseas demand for supplies from the U.S., the world’s biggest exporter after Brazil. Corn gained, while wheat fell.
In the week ended Jan. 23, soybeans inspected for export rose 30 percent from a week earlier to a two-month high of 73.839 million bushels, the U.S. Department of Agriculture said today. As of Jan. 16, sales for delivery before Sept. 1 rose 28 percent from a year earlier to 42.149 million metric tons (1.55 billion bushels), USDA data show.
“Soybean-export shipments were huge last week,” Greg Grow, the director of agribusiness for Archer Financial Services Inc. in Chicago, said in a telephone interview. “Demand for U.S. supplies continues to be stronger than people expected with big crops on the horizon in South America.”
Soybean futures for March delivery added 0.2 percent to close at $12.8775 a bushel at 1:15 p.m. on the Chicago Board of Trade, capping the first two-session gain since Jan. 15. The price touched a three-week low of $12.635 on Jan. 24 as rain boosted yield potential in Brazil and Argentina.
Prices for soybean meal rose on speculation that demand for U.S. supplies will rise as farmers withhold inventories in Argentina, the biggest shipper of the animal feed, Grow said. Argentine growers are betting the peso’s slump isn’t over by holding on to an estimated $4 billion of stockpiled oilseed, according to the Rural Society, the biggest farm group.
Soybean-meal futures for March delivery rose 1.2 percent to $430.90 for 2,000 pounds in Chicago.
Corn futures for March delivery climbed 0.5 percent to $4.3175 a bushel, capping the first five-session gain since March. The grain advanced 1.3 percent last week on speculation that demand for livestock feed will increase after cattle and milk futures rose to records.
Wheat futures for March delivery fell 0.3 percent to $5.635 a bushel. Prices reached $5.605 on Jan. 10, the lowest since July 2010, as the USDA forecast record production and rising global inventories.
--With assistance from Chanyaporn Chanjaroen in Singapore, Sungwoo Park in Seoul and Rudy Ruitenberg in Paris. Editors: Millie Munshi, Steve Stroth