Soybeans Rallies to $9.68 on Demand for U.S. Supplies

Soybean futures rose for the third time this week as exports increased from U.S, the world’s biggest producer. Corn and wheat gained.

In the four weeks ended Sept. 25, soybean export sales averaged 21 percent higher than a year earlier, data from the U.S. Department of Agriculture showed today. Prices also rose on concern that cold weather will hurt crops. Freezing temperatures this weekend will reach the Midwest, including Illinois and Iowa, according to Chicago-based QT Weather.

“Export sales for soybeans are a little ahead of pace,” Rich Nelson, the chief strategist at Allendale Inc. in McHenry, Illinois, said in a telephone interview. The outlook for frost signals “there can be damage to some corn and soybean production,” he said.

Bloomberg

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