May 26 (Bloomberg) -- Soybeans rose the most in more than a week on signs that global demand is eroding supplies in the U.S., the world’s largest grower and exporter.
Inspections of soybeans for export rose 4.6 percent to 16.993 million bushels in the week ended May 21 and were up 21 percent from a year earlier, the U.S. Department of Agriculture said today in a report. Of those shipments, 25 percent were destined for China, the world’s biggest importer. Since Sept. 1, the U.S. has boosted exports by 11 percent from a year earlier to 1.069 billion bushels, the USDA said.
“The bean exports were strong again, with continued shipments to China,” said Roy Huckabay, an executive vice president for the Linn Group in Chicago. “There’s no slowdown” in demand for soybeans, Huckabay said.
Soybean futures for July delivery rose 19.25 cents, or 1.7 percent, to $11.855 a bushel on the Chicago Board of Trade, the biggest gain since May 14. Last week, the most-active futures rose 3.1 percent and on May 20 touched $11.895, the highest since Sept. 29. The price has gained 12 percent this month.
U.S. exporters reported sales of 700,634 metric tons in the week ended May 14, up 74 percent from the previous week, according to the USDA. China bought 27 percent of the total, boosting purchases to 18.52 million tons since Sept. 1, up 41 percent from a year earlier.
Reserve U.S. inventories on Aug. 31, before the harvest, will drop to 130 million bushels (3.5 million metric tons) from 205 million bushels a year earlier, the USDA said May 12. World production will fall 3.7 percent to 212.8 million tons this year, the USDA said.
Soybeans are the second-biggest U.S. crop, valued in 2008 at a record $27.4 billion, government figures show. Corn is the biggest at $47.4 billion.
To contact the reporter on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net
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