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

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.