Soybeans up to $10.45 on U.S. Export Demand

Soybean futures rose for the second straight day as shipping delays persisted and export demand increased for supplies from the U.S., the world’s top producer. Corn prices advanced, and wheat fell.

In the week ended Oct. 30, U.S. soybean exports rose 28 percent to 1.61 million metric tons from a week earlier, government data showed today. The price for soybean meal, used mainly in livestock feed, soared in October by 30 percent, the most in 40 years. Wholesale chicken and pork prices have climbed to records this year, and weekly train speeds last month dropped to a four-year low, industry figures showed.

“The export sales reported this morning were a lot better than expected,” Bryce Knorr, a Chicago-based senior grain market analyst at Farm Futures, said in a telephone interview. “We’re seeing pretty aggressive buying recently by China. There’s just a lot of demand out there.”

Bloomberg

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