U.S. Soybeans Rise on Export Sales; Corn Mixed
12 February 2016 - 7:53AM
Dow Jones News
By Jesse Newman
CHICAGO--U.S. soybean futures jumped Thursday due to strong
export sales and short-covering by investors. Wheat closed lower,
while corn was mixed.
Soybean prices rose, climbing off a more than two-month low
following a report by the U.S. Department of Agriculture that
showed net soybean sales last week totaled 601,000 metric tons for
delivery in the 2015-16 and 2016-17 seasons, which came in at the
high end of analysts' expectations.
The solid sales figure helped prompt a round of short-covering
which boosted the soybean market, analysts said, as some investors
closed out of bearish bets on the oilseeds amid hopes for a
prolonged uptick in demand. A weaker U.S. dollar also supported
prices for the crop.
Soybean futures for March rose 11 1/4 cents, or 1.3%, to $8.73
1/2 a bushel at the Chicago Board of Trade. Prices for the oilseeds
fell to the lowest settlement price since Nov. 20 on Wednesday.
Wheat prices fell as short-covering in that market tapered off.
Prices for the grain had risen earlier in the day as investors
exited bets on lower prices, but massive domestic and world
stockpiles plus sluggish demand for U.S. supplies ultimately
weighed on the market.
CBOT March wheat shed 3 cents, or 0.7%, to $4.58 1/4 a
bushel.
Corn prices were mixed, with nearby futures contracts unchanged
while later-dated contracts slipped due to disappointing export
sales and falling prices for crude oil.
CBOT March corn were flat. May-dated futures shed 1/4 cent, or
0.1%, to $3.65 a bushel.
Write to Jesse Newman at jesse.newman@wsj.com
(END) Dow Jones Newswires
February 11, 2016 15:38 ET (20:38 GMT)
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