Dec. 2 (Bloomberg) -- Soybeans climbed to a 10-week high on signs of surging demand for U.S. exports. Corn declined to the lowest in almost two weeks.
U.S. exporters sold 1.4 million metric tons of soybeans during the week ended Nov. 21 for delivery this season, more than triple the amount a year earlier, the U.S. Department of Agriculture said. Sales and shipments since the marketing year began Sept. 1 totaled 36.79 million tons, 93 percent of the total the USDA expects to be exported in the full season. China may be booking more U.S. soybeans on concern Brazil’s record harvest will be delayed in early 2014 by shipping backlogs, said Dave Norris, an independent grain broker in Harrogate, England.
"All this export business from China has been crammed into the front end of the marketing year," Norris said by telephone today. "Obviously if they’ve got these huge crops coming from South America they may have the same logistical problems again. Even bigger crops suggest even bigger logistical problems, which will cause transport disruptions."
Soybeans for January delivery rose 0.5 percent to $13.4275 a bushel by 7:31 a.m. on the Chicago Board of Trade. Earlier the price touched $13.46, the highest for a most-active contract since Sept. 19. Prices rose 5.5 percent last month, the first monthly gain since August. Soybeans dropped 4.7 percent this year as the USDA estimates global production at a record 283.5 million tons.
The USDA reported daily U.S. sales of soybeans topping 100,000 tons each on four out of five days last week, with purchases coming from China and unknown buyers. The U.S., the world’s second biggest exporter, may ship 39.5 million tons in the 2013-14 season, the USDA forecast Nov. 8.
Brazil, the top soybean shipper, may harvest 88 million tons, 7.3 percent more than the past season’s record crop, according to the USDA. After the last harvest, vessels at the country’s main ports had to wait more than a month to load soybeans, Santos, Brazil-based SA Commodities said in March.
Corn for March delivery lost 0.8 percent to $4.2125 a bushel. Earlier the price touched $4.21, the lowest since Nov. 19. The grain, down 40 percent this year as the U.S. harvest climbed to a record, capped a 0.9 percent drop last month.
Wheat for March delivery rose 0.5 percent to $6.7175 a bushel in Chicago, after touching $6.7475, the highest level since Oct. 31. In Paris, milling wheat for March delivery gained 1 percent to 209 euros ($283) a ton, the highest since June, on NYSE Liffe.
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