Soybeans up to $10.20 as U.S. Exports Increase

Soybean futures rose to a five-week high after increasing exports pinched supplies while the harvest lagged behind in the U.S., the world’s biggest producer. Corn and wheat gained.

Exporters sold 2.17 million metric tons in the week ended Oct. 16, the most in a month, the U.S. Department of Agriculture said today. Inventories from last year’s crop have dropped to 92 million bushels, the lowest since 1973. This season, farmers collected 53 percent of the harvest as of Oct. 19, behind the average pace of 66 percent in the previous five years.

“We were extremely tight with the old crop,” Steve Winger, a Yuma, Colorado-based analyst at CattleHedging.com, said in a telephone interview. “We had some early harvest of beans and crushers got things going again, but when the harvest stalled in the Midwest almost two weeks ago, that pipeline became withdrawn.”

Bloomberg

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