April 20 (Bloomberg) -- Corn gained the most in almost two weeks and soybeans rose on speculation that China’s surging economy will bolster demand for grain and oilseeds from the U.S., the world’s biggest shipper.
U.S. exporters sold 232,000 metric tons of soybeans to China for delivery after Sept. 1, the Department of Agriculture said today. The Asian country sold all of the corn offered in an auction held in major producing regions, indicating tightening domestic supplies, analysts said. China’s economy in the first quarter expanded at the fastest pace in almost three years.
“People continue to speculate that China will buy more U.S. soybeans and begin to import corn or other feed grains from other countries later this year,” said Chad Henderson, a market analyst at Prime Agricultural Consultants in Brookfield, Wisconsin. “China’s economy still looks strong and they want to control food prices.”
Corn futures for July delivery rose 8 cents, or 2.2 percent, to $3.6525 a bushel on the Chicago Board of Trade, the biggest gain for a most-active contract since April 7. Yesterday, the price tumbled 4.5 percent as U.S. farmers accelerated planting last week at the fastest pace since 2004.
Soybean futures for July delivery climbed 7.5 cents, or 0.8 percent, to $9.94 a bushel on the CBOT. Yesterday, the price dropped 0.9 percent, snapping a six-session rally.
China Buying
China, the second-biggest consumer of corn and the largest buyer of soybeans, has been increasing purchases of dried distiller’s grain, a byproduct of ethanol production from corn that is used in animal feed, Henderson said. Corn futures on China’s Dalian Commodity Exchange have gained 16 percent in the past year on speculation that a drought last year may have cut output by more than the government’s official estimate. more...
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