Wheat Rises on Increased Demand for U.S. Grain; Soy, Corn Gain

August 2, 2013 05:26 AM
 
Wheat Field

Wheat rose for the fifth time in six sessions on signs of increased demand for inventories from the U.S., the world’s biggest exporter. Soybeans and corn gained.

Brazil’s Trade Ministry yesterday said it bought 554,963 metric tons of wheat from the U.S. in July, up from 17,391 tons during the same month in 2012. U.S. exports from June 1 through July 25 totaled 4.81 million tons, up 25 percent from the same period a year earlier, Department of Agriculture data show.

"Our export picture has been better than what I thought it would be," Darrell Holaday, the president of Advanced Market Concepts in Wamego, Kansas, said in a telephone interview. "Those Brazil imports are a factor, and that’s going to keep wheat supported."

Wheat futures for September delivery advanced 0.9 percent to $6.6375 a bushel at 9:34 a.m. on the Chicago Board of Trade, heading for the first weekly gain in three.

Soybean futures for November delivery rose 1.1 percent to $12.055 a bushel in Chicago, after yesterday sliding to $11.89, the lowest for the most-active contract since January 2012. Prices are heading for a second straight weekly decline.

Corn futures for December delivery climbed 0.5 percent to $4.6925 a bushel on the CBOT, after yesterday touching $4.64, the lowest for a most-active contract since October 2010.

 

--With assistance from Rudy Ruitenberg in Paris, Whitney McFerron in London and Supunnabul Suwannakij in Bangkok. Editors: Thomas Galatola, Steve Stroth

 

To contact the reporter on this story: Tony C. Dreibus in Chicago at tdreibus@bloomberg.net

 

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net

 

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