Soybeans rebounded from a six-week low as export sales from the U.S. and Brazil climbed, draining supply in the world’s two largest growers.
The amount of soybeans inspected for U.S. export almost doubled in the week to May 10 to 20.3 million bushels from the prior seven days, the Department of Agriculture said yesterday. In Brazil, growers had sold 83 percent of the harvest as of May 11, up from 63 percent a year ago, according to researcher Celeres.
“In the oilseed market, global stocks will tighten considerably over the next 12 months, leaving this market still susceptible to a large rally in prices,” Australia & New Zealand Banking Group Ltd. (ANZ) analysts including Paul Deane in Melbourne said in a report e-mailed today.
Soybeans for July delivery rose 1.3 percent to $14.05 a bushel on the Chicago Board of Trade by 1:15 p.m. London time. The oilseed yesterday reached $13.76, the lowest price since March 30.
Rising demand for U.S. supplies will probably cut the nation’s inventories by 31 percent from a year ago to 145 million bushels (3.94 million metric tons) before the 2013 harvest, the USDA said May 10.
Wheat for July delivery advanced 1.4 percent to $6.065 a bushel. In Paris, November-delivery milling wheat gained 0.6 percent to 196.75 euros ($252.55) a ton on NYSE Liffe.
Wheat was supported after the USDA cut condition ratings for the country’s winter crops yesterday, Rory Deverell, a risk- management consultant at INTL FCStone in Dublin, said in a report. About 60 percent of the crop was in good or excellent condition as of May 13, down from 63 percent a week earlier that received the top ratings, the USDA said.
Corn for July delivery climbed 0.9 percent to $5.885 a bushel in Chicago.
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