Soybeans Set for Biggest Monthly Gain Since July 2012 on Yields Soybeans headed for the biggest monthly advance in more than a year on concerns U.S. yields may be curbed by hot, dry weather in the Midwest. Soybeans for delivery in November rose as much as 0.7 percent to $13.8225 a bushel on the Chicago Board of Trade before trading at $13.7575 at 10:10 a.m. in Singapore. Prices touched $14.095 on Aug. 27, the highest since June 6. Futures added 14 percent this month, the most since July 2012. Hot and dry weather continues to add stress to filling soybeans and corn in the Midwest, DTN said yesterday. The highest risk to crops was in areas which have been dry for most of the summer, including much of Iowa and west-central areas in Illinois, according to the report. “The soybean crop, and corn to a lesser extent, are in a critical period to receive moisture,” said Michael Pitts, a commodity sales director at National Australia Bank Ltd., from Sydney today. “Certainly there are concerns over the U.S. soybean crop because of the consistent dryness” in key areas, particularly Iowa and Illinois, he said. U.S. export sales of corn probably rose to between 300,000 to 600,000 metric tons in the week ended Aug. 22 from 168,404 tons a year earlier, based on a survey of five analysts by Bloomberg News. The U.S. Department of Agriculture is scheduled to release its sales report at 8:30 a.m. in Washington. Corn for December delivery was little changed at $4.81 a bushel, heading for a 0.4 percent gain this month, the first since January. Wheat for December climbed 0.3 percent to $6.6175 a bushel.
Posted on: Thu, 29 Aug 2013 02:54:29 +0000
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