Feb. 17 (Bloomberg) -- Wheat rose after Egypt bought from U.S. inventories and corn gained on a Department of Agriculture report that showed overseas sales jumped last week. Soybeans also rose.
Egypt bought 180,000 metric tons of U.S. wheat at a tender yesterday, said Nomani Nomani, vice chairman of the General Authority for Supply Commodities. That added to the 55,000 tons bought from the U.S. on Feb. 11. U.S. corn sales in the week through Feb. 9 totaled 1 million tons, up 41 percent from the prior week, USDA data show.
“The weekly U.S. export figures published yesterday by the U.S. Department of Agriculture are also providing tailwind” for prices, said Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt, in a report today. “The brightening of sentiment on the financial markets is also giving buoyancy to prices of grains and oilseeds.”
Wheat for May delivery gained 1.3 percent to $6.435 a bushel by 1:35 p.m. London time on the Chicago Board of Trade, taking gains for the most-active contract to 2.1 percent this week. Milling wheat for May delivery gained 1.2 percent to 208.50 euros ($274.76) a ton on NYSE Liffe in Paris.
Corn for May delivery climbed 0.8 percent to $6.4475 a bushel in Chicago, taking gains for the most-active contract to 2.1 percent this week.
Soybeans for May-delivery rose 0.9 percent to $12.765 a bushel. The most-active contract is set for a 3.9 percent gain this week, the biggest since the five days ended Oct. 14.
Argentina’s soybean harvest may reach 43.5 million tons to 45 million tons, the Agriculture Ministry said yesterday. That compares with a 48 million-ton forecast by the U.S. Department of Agriculture on Feb. 9.
“Recent developments in the soybean market have so far buttressed” the bullish view on the oilseed in 2012, Abah Ofon, an analyst Standard Chartered Plc, said in an e-mail.
--With assistance from Jeff Wilson in Chicago. Editors: John Deane, Nicholas Larkin
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