Soybeans rose in Chicago, headed for a sixth weekly gain, the longest run since 2009, as sustained demand from importers drained supplies from last year’s crop.
Exporters in the U.S., set to retake its spot as the top shipper from Brazil, already sold 36.62 million metric tons of the 36.74 million tons the government predicted will be shipped by Aug. 31, the Department of Agriculture said. Cumulative sales through May 30 rose 260,600 tons from a year earlier, before the country was hit by the worst drought since the 1930s.
"Supply of old-crop soybeans is quite tight," Tetsu Emori, a commodity fund manager at Astmax Asset Management Inc., said from Tokyo today. "People are waiting for much higher prices. There’s no reason to sell for now."
Soybeans for delivery in July, before this year’s harvest, added 0.7 percent to $15.3775 a bushel by 7:31 a.m. on the Chicago Board of Trade. Prices are up 1.8 percent this week, set for the longest streak since June 2009.
U.S. stocks of the oilseed will slide 26 percent to 125 million bushels (3.39 million tons) before this year’s harvest, the lowest in nine years, the USDA said May 10. It may trim the estimate to 124 million bushels in its updated outlook on June 12, according to the average estimate of as many as 30 analysts and trading firms surveyed by Bloomberg News.
Corn for delivery in December added 1.1 percent to $5.545 a bushel, set for a 2.2 percent loss this week. Wheat for delivery in July rose 0.5 percent to $7.0125 a bushel, still down 0.6 percent for the week. Milling wheat for delivery in November traded on NYSE Liffe in Paris was unchanged at 204.25 euros ($270.68) a ton.
Importers including South Korea and Mexico canceled some purchases of U.S. wheat, resulting in a net reduction in export sales of about 33,200 tons in the week ended May 30, the USDA said yesterday. That cut total sales for delivery in the year ended May 31 to 27.098 million tons, it said.
The cancellations were reported by exporters after the USDA said an unauthorized, genetically modified strain was found growing in Oregon.