April 2 (Bloomberg) -- Soybeans rose for a third day to the highest since June 6 after stockpiles in the U.S., the biggest producer of the oilseed, fell to the lowest in a decade.
U.S. soybean inventories fell to 992.3 million bushels as of March 1, the lowest for the date since 2004, while on-farm stores dropped 16 percent from a year earlier, the U.S. Department of Agriculture reported March 31. China’s soybean imports totaled 4.81 million metric tons in February, up from 2.9 million tons a year earlier, customs data show.
Soybeans for May delivery rose 0.5 percent to $14.92 a bushel on the Chicago Board of Trade by 5:22 a.m. after earlier touching $14.96, the highest level for a most-active contract since June 6. Futures have climbed 15 percent this year.
"Low inventories in the U.S. and at the same time, demand for soybean exports has been pretty strong in Asia," Vyanne Lai, an agribusiness economist at National Australia Bank Ltd., said by phone from Melbourne today.
Corn for May delivery dropped 0.4 percent to $5.0525 a bushel after reaching $5.125 yesterday, the highest for a most- active contract since July.
Wheat for May delivery fell 1 percent to $6.785 a bushel in Chicago, while milling wheat for November delivery traded on NYSE Liffe in Paris fell 0.4 percent to 200 euros ($275.78) a metric ton.
--With assistance from Rudy Ruitenberg in Paris.
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