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Business

December 2, 2016

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Soybean rises

Soybean rises

SYDNEY: U.S. soybeans rose for the first time in three sessions on Thursday as a surge in oil markets lifted some other commodities, though ample global supply of the oilseed dragged on prices.

The most active soybean futures on the Chicago Board of Trade climbed 0.39 percent to $10.36-1/4 a bushel, having closed down 1 percent on Wednesday.

The most active corn futures advanced 0.1 percent to $3.48-3/4 a bushel, after ending the previous session down 0.1 percent.

The most active wheat futures fell 0.37 percent to $4.01-1/4 a bushel, having lost 1.5 percent on Wednesday.

The U.S. Department of Agriculture on Wednesday said that private exporters reported the sale of 123,000 tonnes of soybeans for delivery to China during the 2016-17 marketing year.

That was the first spot sale since Nov. 18. Sharp gains in oil prices provided broad support to may commodities, including soybeans and corn.

The USDA on Tuesday said U.S. farmers plan to cut their corn sowing and raise soybean planting in the upcoming marketing year.

Egypt´s state grain buyer, the General Authority for Supply Commodities (GASC), bought 240,000 tonnes of Russian wheat in a tender on Tuesday.

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