Soybeans climbed to the highest price in more than nine months after inventories in the U.S., the world’s largest producer, fell to the lowest level in a decade. Corn extended a bull market rally.
The soybean contract for May delivery advanced as much as 1.2 percent to $14.8175 a bushel on the Chicago Board of Trade, the highest for a most-active contract since June 6, and was at $14.7925 by 10:26 a.m. in Singapore. Prices climbed 13 percent last quarter, the most since the first three months of 2012.
Stockpiles in the U.S. dropped to 992.3 million bushels as of March 1, the lowest for that date since 2004 and compared with 998 million a year earlier, the Department of Agriculture said yesterday. Supplies stored on farms were 381.9 million bushels, compared with 456.7 million a year earlier, according to the USDA. Soybeans held in commercial grain bins were 610.4 million bushels versus 541.3 million, it said.