Soybean, Corn Futures Bounce
By Benjamin Parkin
Soybean futures led gains in grain and oilseed markets, as harvest delays in the U.S. and tough weather in Brazil stoked buying interest.
Wet weather in the U.S., with rains spreading across the Midwest this week, is limiting fieldwork. That is slowing the flow of soybeans into the supply chain, said Brian Hoops, president of brokerage Midwest Market Solutions.
The Commodity Weather Group said, meanwhile, that planting delays are affecting around 20% of Brazilian corn and soybeans due to a lack of rainfall.
With traders increasingly concerned about oversupply of soybeans, those disruptions gave prices a boost on Thursday even if they were likely to have limited effect on production in both countries.
Soybean futures for November rose 1% to $9.68 1/4 a bushel at the Chicago Board of Trade.
Corn futures also rose, buoyed by better-than-expected export sales. In a weekly report, the U.S. Department of Agriculture said exporters sold 814,100 metric tons of corn, above the range of analyst estimates. Soybean sales were within expectations, though below recent weeks due to a slower rate of purchases from China.
CBOT December corn futures rose 0.4% to $3.49 1/2 a bushel.